p.s. CLF did not make it easy for shareholders to calculate the 19-21% aggregate dilution from the two financing transactions, which is part of the problem. As noted in #msg-84567391, I thought it was devious for CLF to schedule the 4Q12 CC before the financing transactions closed, allowing management to hide behind SEC regs in order to say nothing about the transactions.
In view of this kind of behavior, I fully understand why some posters on this board sold out.
There is no defense that management put the company in its current position with the $500 mil or so cash it wasted buying back stock in 11' and the dividend expansion on 12'.
Obviously management has enter a territory it is unfamiliar with.
By comparable terms, CLF's management make the Rio guys look brilliant.
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