Saving Grace
3 weeks ago
Does anyone know where this bunker is? Does it make sense now, why Concaves made his son the CFO.
Nobody seen it coming.
Could this Bunker be in Brazil?
I warned, that the CEO of Cliffs, should never send money to feed the enemy with a war going on. I can't believe that he even made it public. And then got involved promoting a plandemic, injuring employees across the board. Made public offerings, in cash bonuses. Are CC's being transmitted from this bunker since both CEO and CFO were carefully positioned?
Where is this Bunker and why did this pic surface?
I believe, the acquisition may be a front to remove Concaves.
DewDiligence
4 weeks ago
CLF reports (not pretty) 3Q24 results:
https://www.clevelandcliffs.com/investors/news-events/press-releases/detail/662/cleveland-cliffs-reports-third-quarter-2024-results Cliffs’ Chairman, President and CEO Lourenco Goncalves said: “In Q3, weaker demand and pricing drove tighter margins, and ultimately led us to temporarily idle our Cleveland #6 blast furnace. We achieved our lowest unit cost since 2021, exceeding our already aggressive cost reduction targets, but that was not enough to offset the negative impact of two of our top four automotive clients who continue to underperform their own expectations. Due to our high exposure to the automotive sector, Cliffs was more affected than our competitors.
…“For 2025, we’ve set a much lower capital budget... Additionally, lower coal costs will bring a $70 million benefit next year compared to 2024. We expect steel demand to rebound in early 2025, supported by a number of economic and political factors. With Stelco’s assets and our cost reductions, we’re well-positioned to capitalize on this upswing and will be able to reduce acquisition debt quickly with healthy free cash flow.” The stock is -5% in AH trading. CC Tuesday at 8:30am ET.
3Q24 highlights (excluding Stelco acquisition, which closed after end of quarter)
• Revenue of $4.6B, -10% YoY
• Steel shipments of 3.8M tons, -6% YoY
• ASP/ton of $1,045 vs $1,203 in 3Q23.
• Non-GAAP EPS of ($0.33) vs a gain of $0.54 in 3Q23.
• Adjusted EBITDA of $124M vs $624M in 3Q23
• 9/30/24 net debt of $3.7B, up from $3.4B at 6/30/24
• No shares repurchased during the quarter
CC slides:
https://d1io3yog0oux5.cloudfront.net/_a362560fa06a18e70dfe5244a95be498/clevelandcliffs/db/1111/11846/file/CLF+-+Q3+2024+Earnings+Presentation+11.4.24.pdf
abracky
1 month ago
S&P Dow Jones Indices Announces Changes to the S&P/TSX Composite IndexOctober 30 2024 - 5:15PM
PR Newswire (Canada)
TORONTO, Oct. 30, 2024 /CNW/ - Cleveland-Cliffs Inc (NYSE:CLF) and Stelco Holdings Inc. (TSX:STLC) have agreed to merge in a cash and stock combination. Each share of Stelco Holdings will be exchanged for 0.454 new Cleveland-Cliffs shares and $60.00 CAD cash. The transaction has received shareholder and regulatory approvals and is expected to close on November 1, 2024, subject to customary closing conditions. Stelco Holdings shares are expected to delist shortly after closing of the transaction. As a result, Stelco Holdings's shares will be removed from the S&P/TSX Composite Index prior to the open of trading on November 5, 2024.For more information about S&P Dow Jones Indices, please visit www.spdji.comABOUT S&P DOW JONES
abracky
1 month ago
MXM Exclusive
Quick Hit:Former President Donald Trump energized supporters at a rally in Latrobe, Pennsylvania, on Saturday, celebrating local icon Arnold Palmer while sharply criticizing the Biden-Harris administration. Trump vowed to save the steel industry, saying, "We saved the steel industry in this country. Now we’re going to make it really powerful again."Key Details:Trump opened his speech by honoring the late pro-golfer Arnold Palmer, sharing anecdotes about Palmer’s humble beginnings and his connection to Latrobe. “Arnold was all man,” Trump recalled.The former president criticized the Biden-Harris administration, stating, “We have lived through this nightmare of inflation, invasion, and humiliation.” He accused them of allowing “more than 21 million people into our country,” asserting that many of these individuals are “murderers” and “drug dealers.”Trump also targeted Kamala Harris directly, saying, “This election is a choice between whether we will have a radical left Marxist in charge of our country.” He emphasized her perceived lack of recognition, noting, “Do you know that whenever I use the word Harris, everybody says, who’s Harris?” He further declared, “She’s worse than him,” referring to President Biden.
Saving Grace
2 months ago
Concaves and Son Cesspool, readies the bunker after tricking workforce and paying each $3,000 to take untested and unproven garbage. He also gave $100,000 to enemy mafia during wartime to feed enemy combatants. He's a monster in plain clothes.
He's an animal.
Why wasn't this info out and made public when Draper pulled him into Cliffs to be elected by shareholders as CEO.
Now we know that he really doesn't care about the company he represents as with Metals USA where he had to shell $300,000 to the victim.
The $3000 bonuses he paid employees to be injured during the plandemic and shareholders company money he gave the enemy during war time could seriously impact and cost the company a fortune. Lourenco made his son the CFO so he could sign the checks for both mistakes. Who knows what else this animal from the Congo has done behind closed doors after ripping off the Mesabi Trust for $70,000,000 and being caught.
Cliffs is on shaky ground as it is, what next?
Who is this animal from Brazil, with his son, CFO of CLF, who seem to be holed down in a bunker of some sort
https://www.duluthnewstribune.com/business/cleveland-cliffs-ceo-settled-2005-sexual-harassment-suit-at-former-company-documents-show
Saving Grace
2 months ago
If you can read, I was talking about loss of revenue PERIOD and has nothing to do with the 70+ million they now owe MSB for robbing their lease agreement based on production since 2021.
That 70+ million has to be paid by Oct. 6
The drop in revenue, this quarter and beyond is based on production and if automotive production is limited, who's buying the product.
Why U.S. auto factories are so unproductive
https://www.cnbc.com/2024/09/27/why-us-auto-factories-are-so-unproductive.html
Where is the Brazilian CEO and his kid, the CFO, anyway? Are they doing the CC's from a bunker somewhere?
Saving Grace
2 months ago
I disagree and short's don't care. $70,000,000 is a lot of money to cheat MSB out of. Unexpected drop in revenue won't sit well with anybody.
The Brazilian CEO is a wrecking ball and won't stop
First he's caught groping employees from his past and fined. Then he's giving company funds to foreign wartime criminals. Then he's bribing employees to inject unsafe, untested horse shit. Now he's ripping off MSB and threatening the employment and lively hood of Northshore miners, to teach MSB a lesson to bargain lease rates. What next as he also went political, congratulating an administration that most believe doesn't exist. The CEO has really lost it and some believe he became a cracked pot. Maybe just stressed out but definitely a mess and not the same.
Look at the Pic. WTF is going on?
People are figuring out, he's not what most have expected of him. And what's up with the filthy unclean photo of him and his kid, CFO Cessor holed up somewhere. WTF
I believe shareholders need to review his job description and maybe elect somebody who will take the position seriously.
Where the hell is this? Notice Cessor's there, probably with the company checkbook, just in case. Are they holed up in a Bunker like many elites in fear. Wearing Military clothing and Congo charms. What is this?
Saving Grace
2 months ago
Mesabi Trust Announces Arbitration Final Award (9/10/24)
NEW YORK--(BUSINESS WIRE)--AAA Arbitration Final Award
As previously reported, on October 14, 2022, Mesabi Trust initiated arbitration against Northshore Mining Company (“Northshore”), the lessee/operator of the leased lands, and its parent, Cleveland-Cliffs Inc. (“Cliffs”), with the American Arbitration Association (“AAA”). The Trust sought an award of damages relating to Cliffs’ and Northshore’s underpayment of royalties in 2020, 2021, and the first four months of 2022 by virtue of Cliffs’ and Northshore’s failure to use the highest priced arm’s-length iron ore pellet sale from the preceding four quarters in pricing certain pellet shipments from 2020 through the first four months of 2022. The Trust also sought declaratory relief related to the Trust’s entitlement to certain documentation and to the time when Cliffs’ and Northshore’s royalty obligations accrue.
The evidentiary hearing was completed before a panel of three arbitrators in March 2024 under the commercial rules of the AAA. Post-hearing briefs were exchanged in May 2024. Post-hearing oral arguments and final submissions were concluded in June 2024. The Trust received the final award on September 6, 2024, which unanimously awarded the Trust damages in the amount of $59,799,977 for underpaid royalties in 2020, 2021 and the first four months of 2022, plus pre-award interest in the amount of $11,288,269, calculated at the rate of 10% simple interest per annum from the date of the initial demand through September 1, 2024, and continuing to accrue until paid. Pursuant to the award, Cliffs and Northshore must pay the Trust the amounts specified in the Award by no later than October 6, 2024. The Tribunal approved the parties’ stipulated Consent Award approving the Trust’s ongoing entitlement to certain documentation related to verifying royalty calculations. The Tribunal denied the Trust’s request for declaratory relief regarding the time at which Cliffs’ and Northshore’s royalty obligations accrue.
Contacts
Mesabi Trust SHR Unit
Deutsche Bank Trust Company Americas
904-271-2520
https://www.businesswire.com/news/home/20240910020258/en/MESABI-TRUST-Announces-Arbitration-Final-Award
nowwhat2
2 months ago
U.S. Steel Stock Is Rising. The Politics Are Getting More Muddled.
https://www.marketwatch.com/articles/u-s-steel-stock-nippon-cleveland-e5c32ba3?siteid=bigcharts&dist=bigcharts
First Published: Sept. 18, 2024 at 9:40?a.m. ET
Coal on barges on the Monongahela River near United States Steel. Photo: Justin Merriman/Bloomberg
Shares of United States Steel were rising Wednesday after a report that the government decided to delay a review of the company’s potential takeover by Japanese steel firm Nippon Steel
5401
1.93%
.
This deal has plenty of political intrigue as both Democratic and Republican politicians jockey for support from labor in swing states such as Pennsylvania, where U.S. Steel
X
2.62%
is based. That hasn’t been great for investors.
Tuesday, Bloomberg reported that the U.S. would delay its decision on whether to approve the merger based on national security concerns until after the November presidential election. Nippon Steel declined to comment. U.S. Steel didn’t immediately respond to a request for comment.
“Can we get a Japanese translation for Quid Pro Quo,” quipped Gordon Haskett analyst Don Bilson in a Wednesday report, pointing out that the reported decision to delay came after the U.S. and Japan discussed curbs on exports of semiconductors to China. “A cynic might see [the chip and steel] reports as two peas in the same pod….to get the Japanese on board with China curbs, [America] has given the Japanese a wink that Nippon Steel will get the approval it needs after the election.”
U.S. Steel stock rose more than 4% in early trading, though by late morning, it had slipped back for a gain of 2.1% to $37. The S&P 500
SPX
0.01%
was flat and the Dow Jones Industrial Average
DJIA
-0.03%
was down 0.2%.
It has been a wild ride for investors lately. In August, Cleveland-Cliffs
CLF
-0.38%
bid $35 a share in cash and stock for U.S. Steel. Then in December, U.S. Steel agreed to be bought by Nippon Steel for $55 a share in cash.
Nippon Steel is the fourth-largest steel maker in the world, and has committed to spending $2.7 billion modernizing U.S. Steel’s American operations. That is significant, given that Wall Street projects U.S. Steel to generate about $1.7 billion in cumulative free cash flow in 2025 and 2026.
Still, the deal has faced political opposition from both sides of the aisle and from the steelworkers union, which backed the original Cleveland-Cliffs bid. A report that President Joe Biden was set to block the deal on national security grounds sent U.S. Steel shares to $29 each from about $38. Now, shares are almost back to $38.
The move on Wednesday shows that investors believe there is still a chance the deal will go through. Blocking the transaction never made a lot of economic sense. Japan is an ally, Nippon Steel is the far larger and better-capitalized company, and the merger doesn’t change domestic market shares substantially. If the U.S. Steel/Cleveland-Cliffs merger happened, for instance, the pair would have a greater market position in areas such as steel for critical automotive applications.
Here is a way to think about the odds of the deal going through. If the $30 range is the “no deal” price for U.S. Steel stock and $55 is the ultimate upside if Nippon Steel is successful, with the stock at about $37, investors currently put a 30% chance of the merger happening. If the stock was right between $30 and $55 the odds would be about 50%.
Coming into Wednesday trading, U.S. Steel stock was down about 26% year to date. Most of that decline is related to diminished expectations that the Nippon Steel merger will be completed.
Saving Grace
3 months ago
They kept the Monster CEO news hidden. There's noting old about it. SMH
He's a monster in plain clothes. Even paid the workforce $3,000 to take untested and unproven garbage.
He's an animal.
Why wasn't that info out when Draper pulled him into Cliffs to be elected by shareholders as CEO.
Now we know that he really doesn't care about the company he represents as with Metals USA where he had to shell $300,000 to the victim.
The $3000 bonuses he paid employees to be injured during the plandemic and shareholders company money he gave the enemy during war time could seriously cost the company a fortune. Lourenco made his son the CFO so he could sign the checks for both mistakes. Who knows what else this animal from the Congo has done behind closed doors.
Cliffs is on shaky ground as it is, what next?
Who is this animal from Brazil, with his son, CFO of CLF, who seem to be in bunker of some sort
https://www.duluthnewstribune.com/business/cleveland-cliffs-ceo-settled-2005-sexual-harassment-suit-at-former-company-documents-show
Saving Grace
3 months ago
Cleveland-Cliffs CEO Lourenco Goncalves from Brazil, groped employee, from past company Metals USA, and began sucking on her ear.
He's an animal.
Why wasn't that info out when Draper pulled him into Cliffs to be elected by shareholders as CEO.
Now we know that he really doesn't care about the company he represents as with Metals USA where he had to shell $300,000 to the victim.
The $3000 bonuses he paid employees to be injured during the plandemic and shareholders company money he gave the enemy during war time could seriously cost the company a fortune. Lourenco made his son the CFO so he could sign the checks for both mistakes. Who knows what else this animal from the Congo has done behind closed doors.
Cliffs is on shaky ground as it is, what next?
Who is this animal from Brazil, with his son, CFO of CLF, who seem to be in bunker of some sort
https://www.duluthnewstribune.com/business/cleveland-cliffs-ceo-settled-2005-sexual-harassment-suit-at-former-company-documents-show
Saving Grace
3 months ago
Brazilian Lourenco Goncalves being doxxed on Social Networks. Wishes to disregard U,S. First Amendment Rights.
IMO Goncalves who makes $20,000,000 annually, needs to step down.
Cleveland-Cliffs wants to unmask anonymous critic; legal expert says that raises First Amendment concerns
CLEVELAND, Ohio — For the second time in a year, the Fortune 500 steel giant Cleveland-Cliffs has asked a judge to unmask an anonymous online critic of the company and its chief executive officer, Lourenco Goncalves.
In a lawsuit, lawyers for the company asked a Cuyahoga County judge to order Yahoo Inc. to hand over personal identifying information of an account owner who has posted hundreds of comments in recent months that question Goncalves’ leadership.
The filing, submitted by Jones-Day attorney Kristin Morrison, says the company needs the information so it can pursue a defamation and libel lawsuit against the owner of the account known as Booleansearcher.
The complaint, filed earlier this month, did not specify which comments the company believes amounted to defamation. It also did not spell out exactly how the company’s reputation has been harmed.
Andrew Geronimo leads the First Amendment Law Clinic at Case Western Reserve University School of Law. He said that the case raises concerns about the First Amendment’s protections to criticize a public figure anonymously and that it could embolden powerful people to try to stifle criticism.
Geronimo successfully fought to get a similar lawsuit thrown out of court against an anonymous critic who sent emails about Beachwood police officers.
He said there are steps judges should follow in cases where someone seeks the identity of an online critic. First, he said, the plaintiff should identify the comments and then put forth a credible argument that the statements are defamatory. That should be done before a decision can be made to reveal the anonymous critic.
“If they cannot, and if the statements are protected by the First Amendment, then plaintiffs should not be able to use the court processes to strip away this important First Amendment right to speak anonymously,” Geronimo said.
The case was assigned to Cuyahoga County Common Pleas Court Judge Deborah Turner.
A spokeswoman for Cliffs did not respond to a request for comment and questions from cleveland.com and The Plain Dealer.
Booleansearcher is a prolific commenter on the Yahoo Finance message boards. The profile says the account made more than 3,100 comments on stocks and companies ranging from the online sports betting giant DraftKings and 3M to Cisco and Costco, as well as multiple steel industry companies.
A comment from earlier this month claimed the only reason Cleveland-Cliffs maintained a high public evaluation was “the hope that it will be bought or a better CEO will come in” who will make wholesale changes.
“This can’t be run like a private company for the family wealth,” the post said. “It is a public company so it needs to be managed for shareholders. That just ain’t happening with LG [Goncalves], but many oddly here are so happy that he gets 20 million a year.”
In a post made last year, the user claimed to be a shareholder in the company and questioned whether Goncalves was “really the guy to take this to the next level.”
In the complaint, filed Jan. 16, the company said the comments “include statements without basis and contrary to fact that attack Mr. Goncalves’ business reputation and honesty, including the exercise of his and others at Cliffs’ fiduciary duties to shareholders.” The lawsuit also said the statements are “injurious to Mr. Goncalves’ reputation and the business interests of Cliffs.”
It also said the company sent letters to the email address associated with the account on Jan. 2 and Jan. 8, and both times received bounce-back messages that the inbox was full and could not accept messages.
The company used the same tactic in January 2023 to identify three users who made similarly critical comments. Judge Sherrie Miday granted the request and ordered Yahoo to hand Cliffs the account information to identify the commenters.
The company then filed a defamation and libel lawsuit against the three men. That complaint identified several comments from the men that accused Goncalves of wrongdoing. The defamation lawsuit settled out of court in August.
The company made a similar move in 2015.
Geronimo said that, like the case in Beachwood, Cleveland-Cliffs and Goncalves are public officials so the First Amendment casts broad protections over statements about them.
But this lawsuit differs from the Beachwood case. That’s because the company’s lawyers are using a civil rule that allows people who think they might have a reason to sue somebody to obtain discovery to identify the potential defendant before they actually file the lawsuit.
In Beachwood, lawyers first filed the lawsuit against unnamed defendants, then asked the judge to order an encrypted email server to identify the owner of an anonymous account.
Doing so allows a judge to sign off on the request as long as the plaintiffs show that they don’t know the identity of the person they might sue and that they tried to learn the person’s identity through other means.
Geronimo said he hopes that judges will apply the same standard that Judge Andrew Santoli applied in the Beachwood case to any case in which a public figure wants to learn the identity of an anonymous online critic.
That includes making the person who wants the information show that the statements were false and damaged someone’s reputation.
“Defamation isn’t just ‘you wrote these things, and it made me look bad,’” Geronimo said. “You’re supposed to be able to trace some tangible harm that happened as a result of the comments.”
Geronimo compared the comments about Goncalves to those made about businessman Elon Musk, who has been widely ridiculed after his purchase and rebranding of X, the social media platform formerly known as Twitter.
“It’s hard for me to think this CEO of a major company is actually having his reputation affected by comments on a message board,” he said.
https://www.cleveland.com/court-justice/2024/01/cleveland-cliffs-wants-to-unmask-anonymous-critic-legal-expert-says-that-raises-first-amendment-concerns.html
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