No. Not really. The cycles usually last for a few years and this cycle has only been ramping up for about a year. Those calls expire a little over 2 years so to me, the time premium is cheap. Even if LG keeps the 2024, 2025, and 2040 debt, CLF should still have the cash on hand to pay those debts outright when they come due. I would not be surprised to see pellet prices in the $115-$125 range for 2rd quarter 2019 which would put the company in a position to raise about $1 billion a year in profits. Currently we are at about $800 million.
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