"Tengani ndalama zathu zonse, ntchito zathu zazikulu, migodi ndi ma uvuni a coke, koma musiye bungwe lathu, ndipo patatha zaka zinayi ndidzadzimanganso." - Andrew Carnegie
Kampani ya Cleveland-Cliffs Inc. (NYSE: CLF) kale inali kampani yoboola chitsulo yomwe inkapereka ma pellets achitsulo kwa opanga zitsulo. Inatsala pang'ono kutha mu 2014 pamene mkulu wamkulu Lourenco Goncalves adasankhidwa kukhala mlonda wopulumutsa anthu.
Patatha zaka zisanu ndi ziwiri, Cleveland-Cliffs ndi kampani yosiyana kwambiri, yolumikizidwa molunjika mumakampani opangira zitsulo komanso yodzaza ndi mphamvu. Kotala yoyamba ya 2021 ndi kotala yoyamba pambuyo pa kuphatikiza kolunjika. Monga katswiri aliyense wokonda chidwi, ndikuyembekezera malipoti a ndalama za kotala ndi kuwona koyamba zotsatira zachuma za kusintha kwakukulu, poganizira nkhani zingapo monga
Zimene zinachitika ku Cleveland Cliffs m'zaka zisanu ndi ziwiri zapitazi zikhoza kulembedwa m'mbiri monga chitsanzo chabwino kwambiri cha kusintha komwe kungaphunzitsidwe m'makalasi a masukulu a bizinesi aku America.
Gonçalves adatenga udindo mu Ogasiti 2014 "kampani yomwe ikuvutika kuti ipulumuke ndi ndalama zosakonzedwa bwino zodzaza ndi zinthu zosagwira bwino ntchito zomwe zidamangidwa motsatira njira yolakwika kwambiri" (onani apa). Anatsogolera njira zingapo zanzeru za kampaniyo, kuyambira ndi kukwera kwachuma, kutsatiridwa ndi zipangizo zachitsulo (monga zitsulo zotsalira) ndikulowa mu bizinesi yachitsulo:
Pambuyo pa kusintha kopambana, Cleveland-Cliffs yazaka 174 yakhala yodziwika bwino, ikugwira ntchito kuyambira migodi (kukumba miyala yachitsulo ndi kuyika pelletizing) mpaka kuyeretsa (kupanga chitsulo) (Chithunzi 1).
Poyamba pa ntchito yamakampaniyi, Carnegie anasintha kampani yake yodziwika bwino kukhala kampani yotsogola yopanga zitsulo ku America mpaka ataigulitsa ku US Steel (X) mu 1902. Popeza mtengo wotsika ndiye chinthu chofunikira kwambiri kwa anthu omwe amagwira ntchito m'makampani osiyanasiyana, Carnegie wagwiritsa ntchito njira ziwiri zazikulu kuti apeze mtengo wotsika wopanga:
Komabe, malo abwino kwambiri, kuphatikizana kwapadera komanso kukulitsa mphamvu zitha kubwerezedwanso ndi opikisana nawo. Kuti kampaniyo ipitirire kupikisana, Carnegie nthawi zonse ankayambitsa zatsopano zaukadaulo, nthawi zonse ankayikanso phindu m'mafakitale, ndipo nthawi zambiri ankasintha zida zakale pang'ono.
Kuyika ndalama m'mafakitale kumeneku kumalola kuti izi zichepetse ndalama zogwirira ntchito komanso kudalira antchito osadziwa zambiri. Iye adakhazikitsa njira yomwe idadziwika kuti "hard drive" yopitira patsogolo kuti ikwaniritse zokolola zomwe zingawonjezere kupanga pomwe kutsika mtengo wachitsulo (onani apa).
Kuphatikizika kwa Gonsalves kolunjika komwe kutsatiridwa kumachokera ku sewero la Andrew Carnegie, ngakhale kuti Cleveland Cliff ndi nkhani yophatikizika kwamtsogolo (monga kuwonjezera bizinesi yotsika ku bizinesi yokwera) m'malo mwa nkhani yophatikizika kwachiwiri komwe kwafotokozedwa pamwambapa.
Ndi kugula AK Steel ndi ArcelorMittal USA mu 2020, Cleveland-Cliffs ikuwonjezera zinthu zambiri ku bizinesi yake yachitsulo ndi pelletizing, kuphatikizapo HBI; zinthu zosalala mu chitsulo cha kaboni, chitsulo chosapanga dzimbiri, zamagetsi, zapakatikati ndi zolemera, zinthu zazitali, chitsulo cha kaboni ndi mapaipi achitsulo chosapanga dzimbiri, zopangira ndi kufa kotentha ndi kozizira. Yadzikhazikitsa ngati mtsogoleri pamsika wotchuka kwambiri wamagalimoto, komwe imalamulira kuchuluka ndi mitundu yosiyanasiyana ya zinthu zosalala.
Kuyambira pakati pa chaka cha 2020, makampani opanga zitsulo alowa m'malo abwino kwambiri ogulira zinthu. Mitengo ya ma hot rolled coil (kapena HRC) m'dziko la US Midwest yakwera katatu kuyambira mu Ogasiti 2020, kufika pamtengo wapamwamba kwambiri kuposa $1,350/t kuyambira pakati pa Epulo 2020 (Chithunzi 2).
Chithunzi 2. Mitengo ya 62% ya iron ore (kumanja) ndi mitengo ya HRC ya m'dziko muno ku US Midwest (kumanzere) pamene CEO wa Cleveland-Cliffs, Lourenko Gonçalves, adatenga udindo, monga momwe zasinthidwira komanso momwe zachokera.
Cliffs adzapindula ndi mitengo yokwera yachitsulo. Kugula kwa ArcelorMittal USA kumalola kampaniyo kukhalabe pamwamba pa mitengo yokwera kwambiri pomwe mapangano apachaka a magalimoto okhazikika, makamaka ochokera ku AK Steel, akhoza kukonzedwa mu 2022 (chaka chimodzi pansi pa mitengo yokwera).
Cleveland-Cliffs yatsimikizira mobwerezabwereza kuti itsatira "nzeru ya mtengo kuposa kuchuluka" ndipo sidzakulitsa gawo la msika kuti iwonjezere kugwiritsa ntchito mphamvu, kupatula makampani opanga magalimoto, zomwe zikuthandizira kusunga mitengo yomwe ilipo pano. Komabe, momwe anzawo omwe ali ndi malingaliro okhazikika nthawi zonse adzayankhira ku malangizo a Goncalves ndi okayikitsa.
Mitengo ya miyala yachitsulo ndi zipangizo zopangira inalinso yabwino. Mu Ogasiti 2014, pamene Gonçalves anakhala CEO wa Cleveland-Cliffs, miyala yachitsulo ya Fe 62% inali yokwana pafupifupi $96/tani, ndipo pofika pakati pa Epulo 2021, miyala yachitsulo ya Fe 62% inali yokwana pafupifupi $173/tani (Chithunzi 1). Malingana ngati mitengo ya miyala yachitsulo ikukhalabe yokhazikika, Cleveland Cliffs idzakumana ndi kukwera kwakukulu kwa mitengo ya miyala yachitsulo yomwe imagulitsa kwa opanga zitsulo ena pomwe ikulandira mtengo wotsika wogulira miyala yachitsulo kuchokera yokha.
Ponena za zipangizo zopangira ziwiya zamagetsi (monga ziwiya zamagetsi), kukwera kwa mitengo kukuyembekezeka kupitirira kwa zaka zisanu zikubwerazi chifukwa cha kufunikira kwakukulu ku China. China iwonjezera mphamvu ya ziwiya zake zamagetsi m'zaka zisanu zikubwerazi kuchokera pamlingo womwe ilipo pano wa matani 100, zomwe zikukweza mitengo ya zitsulo zosweka - nkhani yoipa kwa makampani opanga zitsulo zamagetsi aku US. Izi zimapangitsa chisankho cha Cleveland-Cliffs chomanga chomera cha HBI ku Toledo, Ohio kukhala njira yanzeru kwambiri. Kupereka chitsulo chodzidalira kukuyembekezeka kuthandiza kukweza phindu la Cleveland-Cliffs m'zaka zikubwerazi.
Cleveland-Cliffs ikuyembekeza kuti malonda ake akunja a ma pellets achitsulo azikhala matani aatali 3-4 miliyoni pachaka atapeza zinthu zamkati kuchokera ku ng'anjo yake yophulika ndi mafakitale ochepetsa mwachindunji. Ndikuyembekeza kuti malonda a ma pellet azikhalabe pamlingo uwu mogwirizana ndi mfundo ya mtengo kuposa kuchuluka kwa voliyumu.
Kugulitsa kwa HBI ku fakitale ya Toledo kunayamba mu Marichi 2021 ndipo kupitilira kukula mu kotala lachiwiri la 2021, zomwe zikuwonjezera ndalama zatsopano ku Cleveland-Cliffs.
Oyang'anira a Cleveland-Cliffs anali kufuna kuti EBITDA yosinthidwa ikhale $500 miliyoni mu kotala yoyamba, $1.2 biliyoni mu kotala yachiwiri ndi $3.5 biliyoni mu 2021, zomwe zinali zoposa zomwe akatswiri ambiri ankagwirizana. Zolinga izi zikuyimira kuwonjezeka kwakukulu kuchokera pa $286 miliyoni zomwe zidalembedwa mu kotala yachinayi ya 2020 (Chithunzi 3).
Chithunzi 3. Ndalama zomwe Cleveland-Cliffs amapeza kotala ndi EBITDA yosinthidwa, yeniyeni ndi yolosera. Gwero: Laurentian Research, Natural Resources Center, kutengera deta yazachuma yofalitsidwa ndi Cleveland-Cliffs.
Kuneneratu kumeneku kukuphatikizapo mgwirizano wa $150 miliyoni womwe udzachitike mu 2021 monga gawo la mgwirizano wonse wa $310 miliyoni kuchokera ku kukonza bwino katundu, chuma chambiri komanso kukonza bwino zinthu.
Cleveland-Cliffs sadzayenera kulipira misonkho ya ndalama mpaka ndalama zokwana $492 miliyoni za msonkho wochedwa zitatha. Oyang'anira sakuyembekezera kuti ndalama zambiri zidzagwiritsidwa ntchito kapena kugula. Ndikuyembekeza kuti kampaniyo ipanga ndalama zambiri zaulere mu 2021. Oyang'anira akufuna kugwiritsa ntchito ndalama zaulere kuti achepetse ngongole ndi osachepera $1 biliyoni.
Msonkhano wa 2021 wa ndalama zomwe zapezedwa mu kotala loyamba ukukonzekera pa Epulo 22, 2021 nthawi ya 10:00 AM ET (dinani apa). Pa msonkhano, amalonda ayenera kulabadira zotsatirazi:
Opanga zitsulo aku US akukumana ndi mpikisano waukulu kuchokera kwa opanga akunja omwe angalandire ndalama zothandizira boma kapena kusunga ndalama zochepa zosinthira ndalama motsutsana ndi dola yaku US ndi/kapena ndalama zochepa za antchito, zopangira, mphamvu ndi zachilengedwe. Boma la US, makamaka boma la Trump, linayambitsa kafukufuku wamalonda wolunjika ndipo linakhazikitsa msonkho wa Gawo 232 pa zinthu zopangidwa ndi chitsulo chosalala. Ngati mitengo ya Gawo 232 yachepetsedwa kapena kuthetsedwa, zinthu zopangidwa ndi chitsulo chakunja zidzachepetsanso mitengo yachitsulo cham'nyumba ndikuvulaza kubwezeretsedwa kwachuma kwa Cleveland Cliffs. Purezidenti Biden sanasinthebe kwambiri mfundo zamalonda za boma lapitalo, koma amalonda ayenera kudziwa za kusatsimikizika kumeneku.
Kugula kwa AK Steel ndi ArcelorMittal USA kunabweretsa phindu lalikulu ku Cleveland-Cliffs. Komabe, kuphatikizana kwa vertical komwe kumachitika kumeneku kulinso ndi zoopsa. Choyamba, Cleveland-Cliffs idzakhudzidwa osati ndi kuzungulira kwa migodi yachitsulo yokha, komanso ndi kusakhazikika kwa msika mumakampani opanga magalimoto, zomwe zingayambitse kulimbitsa kayendetsedwe ka kampaniyo. Kachiwiri, kugula kwa zinthuzi kwawonjezera kufunika kwa kafukufuku ndi chitukuko. Kachiwiri, kugula kwa zinthuzi kwawonjezera kufunika kwa kafukufuku ndi chitukuko.Chachiwiri, kupeza kumeneku kunawonetsa kufunika kwa kafukufuku ndi chitukuko. Chachiwiri, kugula zinthu kukuwonetsa kufunika kwa kafukufuku ndi chitukuko.Zogulitsa za m'badwo wachitatu za NEXMET 1000 ndi NEXMET 1200 AHSS, zomwe ndi zopepuka, zolimba komanso zowumbika, zikupangidwa pakadali pano kuti zigwiritsidwe ntchito ndi makasitomala a magalimoto, ndipo sizikudziwika bwino kuti zikupezeka pamsika.
Oyang'anira a Cleveland-Cliffs akuti adzaika patsogolo kupanga phindu (ponena za phindu pa ndalama zomwe zayikidwa kapena ROIC) m'malo mokulitsa kuchuluka kwa ndalama (onani apa). Zikuonekabe ngati oyang'anira angagwiritse ntchito bwino njira yoyendetsera bwino zinthu m'makampani omwe amadziwika kuti ndi osinthasintha.
Kampani ya zaka 174 yokhala ndi anthu ambiri opuma pantchito m'mapulani ake a penshoni ndi azachipatala, Cleveland-Cliffs ikukumana ndi ndalama zambiri zogwirira ntchito kuposa anzawo ena. Ubale wa mabungwe a ogwira ntchito ndi vuto lina lalikulu. Pa Epulo 12, 2021, Cleveland-Cliffs idalowa mgwirizano wa miyezi 53 ndi United Steelworkers wa mgwirizano watsopano wa ogwira ntchito ku fakitale ya Mansfield, poyembekezera chilolezo kuchokera kwa mamembala a mabungwe am'deralo.
Poganizira malangizo a EBITDA okonzedwa a $3.5 biliyoni, Cleveland-Cliffs imagulitsa pa chiŵerengero cha EV/EBITDA cha 4.55x. Popeza Cleveland-Cliffs ndi bizinesi yosiyana kwambiri atagula AK Steel ndi ArcelorMittal USA, EV/EBITDA yake yapakati ya 7.03x singatanthauzenso kalikonse.
Makampani ena monga US Steel ali ndi EV/EBITDA yapakati ya 6.60x, Nucor 9.47x, Steel Dynamics (STLD) 8.67x ndi ArcelorMittal 7.40x. Ngakhale kuti magawo a Cleveland-Cliffs akwera ndi pafupifupi 500% kuyambira pomwe adatsika mu Marichi 2020 (Chithunzi 4), Cleveland-Cliffs ikuwonekabe kuti siili ndi mtengo wokwanira poyerekeza ndi avareji ya makampani ambiri.
Panthawi ya mliri wa Covid-19, Cleveland-Cliffs idayimitsa gawo lake la $0.06 pa gawo lililonse mu Epulo 2020 ndipo sinapitirizebe kulipira magawo.
Motsogozedwa ndi CEO Lourenko Goncalves, Cleveland-Cliffs yasintha kwambiri.
M'malingaliro mwanga, Cleveland-Cliffs ili pafupi kuphulika kwa ndalama zomwe amapeza komanso ndalama zomwe zimalowa m'malo mwake, zomwe ndikuganiza kuti tidzaziwona koyamba mu lipoti lathu lotsatira la ndalama zomwe amapeza kotala limodzi.
Cleveland-Cliffs ndi masewera osinthasintha a ndalama. Popeza mitengo yake ndi yotsika, momwe amapezera ndalama komanso momwe zinthu zilili pamtengo wabwino, komanso zinthu zazikulu zomwe zimapangitsa kuti mapulani a zomangamanga a Biden asamayende bwino, ndikuganiza kuti ndibwino kuti anthu omwe amatenga ndalama nthawi yayitali atenge maudindo. Nthawi zonse ndizotheka kugula ndalama zochepa ndikuwonjezera maudindo omwe alipo ngati lipoti la ndalama la 2021 Q1 lili ndi mawu akuti "gulani mphekesera, gulitsani nkhani."
Cleveland-Cliffs ndi imodzi mwa malingaliro ambiri omwe Laurentian Research yapeza m'malo atsopano azinthu zachilengedwe ndipo yagulitsidwa kwa mamembala a The Natural Resources Hub, ntchito yamsika yomwe nthawi zonse imapereka phindu lalikulu komanso chiopsezo chochepa.
Monga katswiri wa zachilengedwe wokhala ndi zaka zambiri zogwira ntchito bwino pa ndalama, ndimachita kafukufuku wozama kuti ndibweretse malingaliro opindulitsa komanso osaopsa kwambiri kwa mamembala a Natural Resources Center (TNRH). Ndimayang'ana kwambiri kupeza phindu lalikulu m'magawo a zachilengedwe ndi mabizinesi osafunika kwenikweni, njira yopezera ndalama yomwe yakhala ikugwira ntchito bwino kwa zaka zambiri.
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