Cliffs just earned a Double Downgrade today. The pain will continue with 6 operations now closed. At first I said $3 but it now looks far worse than I expected.
Concaves is going to flat line this pig with all the piled on debt. It's sad that Concaves sold the coal operations. So now there's nothing but scrap to lean on and it won't be enough. My $3 guess just went to a dollar with the double down grade. They will be lucky to avoid a RS near term.
This is the top Brass of this shit show. Holed up in a bunker somewhere with a blocked window. Not good. It may be the end for Cliffs.
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