How much nastier will it get? What’s your prediction?
That's hard to say. This is an enormously capital intensive industry which puts Cliffs in a terrible position while at the same time questions the dividend.
Probably, one of the best deals Cliffs put together is their mandatory convertible bonds which is deeply underwater that benefits the current stockholders but will probably hurt Cliffs ability to borrow on favorable terms in the future.
I would expect we'll see Cliffs try to sell some of the properties just to stay out of bankruptcy in the future. The sooner the better because the street knows the longer Cliffs holds out the more desperate they'll get.
It's nice to see some of the Canadian pension funds showing interest in Rio's assets.
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