CLF has paid $450 million debt in July during the first 20 days (in addition to the ~$400 million in long term debt reduced in Q2) according to CFO Keith Koci on today’s Q2 earnings call.
As predicted last month, LG also spoke about the possibility of cashing out the 58 million preferred shares in Q3.
“Lourenco Goncalves
Well, based on our current projections if we decide to do the pay down -- the payoff of the redemption of the entire tranche of preferred in Q3 that would delay our net debt zero accomplished by one quarter. So, we said that we would get net debt zero within 2022 that doesn't change. It might change might delay one quarter. So, instead of accomplished that by let's call Q3, will come in Q4. So what? Still in 2022.
That's the scale of things right now. But paying the preferred now and spending the $1.1 billion that you have just said it's just again LG not fighting the tape because if I try not to do it I will adapt to having the opportunity to do the same thing, instead of paying $1.1 billion, we'd have to pay $2.2 billion because if you believe that we are going to continue to trade at this ridiculous low price be my guest.”
Market Data 
Markets 
AI
