“Fata amafaranga yacu yose, ibikorwa byacu bikomeye, ibimina n'amatanura ya koka, ariko uve mu muryango wacu, kandi mu myaka ine nzongera kwiyubaka.” – Andrew Carnegie
Cleveland-Cliffs Inc. (NYSE: CLF) yahoze ari ikigo gicukura amabuye y'agaciro gitanga amabuye y'agaciro ku bacuruzi b'ibyuma. Yagiye guhomba mu 2014 ubwo umuyobozi mukuru Lourenco Goncalves yagirwaga umurinzi w'ubuzima.
Nyuma y'imyaka irindwi, Cleveland-Cliffs ni ikigo gitandukanye rwose, cyashyizwe mu nganda zitunganya ibyuma kandi cyuzuyemo imbaraga. Igihembwe cya mbere cya 2021 ni igihembwe cya mbere nyuma yo guhuza ibyuma. Kimwe n'umusesenguzi wese ubyifuza, ntegereje raporo z'inyungu za buri gihembwe no kureba bwa mbere ibyavuye mu mishinga y'imari, hazirikanwa ibibazo byinshi nka
Ibyabaye muri Cleveland Cliffs mu myaka irindwi ishize bishobora kuzajya mu mateka nk'urugero ruzwi rw'impinduka zigomba kwigishwa mu mashuri y'ubucuruzi yo muri Amerika.
Gonçalves yafashe ubuyobozi muri Kanama 2014 “ikigo kirwana no kubaho gifite imitungo idakora neza yubatswe hakurikijwe ingamba mbi cyane” (reba hano). Yayoboye intambwe nyinshi z’ingenzi kuri icyo kigo, atangirana n’iterambere ry’imari, hagakurikiraho ibikoresho by’icyuma (ni ukuvuga ibyuma bishaje) maze yinjira mu bucuruzi bw’ibyuma:
Nyuma y’impinduka nziza, Cleveland-Cliffs y’imyaka 174 yabaye umukinnyi udasanzwe uhuza imiterere y’amabuye y’agaciro, kuva mu gucukura amabuye y’agaciro (ubucukuzi bw’icyuma no kuyacukura) kugeza mu kuyatunganya (gukora ibyuma) (Ishusho ya 1).
Mu ntangiriro z'inganda, Carnegie yahinduye ikigo cye cy’ubwiza bw’icyuma kiba ikigo gikomeye muri Amerika kugeza ubwo yakigurishije muri US Steel (X) mu 1902. Kubera ko igiciro gito ari cyo kintu cy’ingenzi ku bitabiriye inganda, Carnegie yafashe ingamba ebyiri z’ingenzi kugira ngo umusaruro ugabanuke:
Ariko, aho ikigo giherereye neza, guhuza ibikoresho mu buryo bugororotse ndetse no kwagura ubushobozi bishobora gukosorwa n’abanywanyi. Kugira ngo ikigo gikomeze guhangana, Carnegie yahoraga ashyira ahagaragara udushya dugezweho mu ikoranabuhanga, ahora yongera gushora imari mu nganda, kandi yakundaga gusimbuza ibikoresho bishaje gato.
Uku gushora imari mu ruganda bituma bigabanya ikiguzi cy'abakozi ndetse bikishingikiriza ku bakozi bafite ubumenyi buke. Yashyizeho gahunda ya "hard drive" yo kunoza ibikorwa kugira ngo haboneke umusaruro wakongera umusaruro mu gihe hagabanywa igiciro cy'icyuma (reba hano).
Guhuza ibintu mu buryo bugororotse byakurikiwe na Gonsalves byakuwe mu ikinamico ya Andrew Carnegie, nubwo Cleveland Cliff ari urugero rwo guhuza ibintu mu buryo butunguranye (ni ukuvuga kongeramo ubucuruzi bukurikira ku bucuruzi bukurikira) aho kuba urugero rwo guhuza ibintu mu buryo busubira inyuma byavuzwe haruguru.
Nyuma yo kugura AK Steel na ArcelorMittal USA mu 2020, Cleveland-Cliffs irimo kongeramo ubwoko bwose bw'ibicuruzwa mu bucuruzi bwayo busanzwe bw'amabuye y'agaciro n'ubucukuzi bw'amabuye y'agaciro, harimo HBI; ibicuruzwa bikozwe mu byuma bitagira karuboni, ibyuma bitanduye, amashanyarazi, ibyuma biciriritse n'ibiremereye, ibicuruzwa birebire, ibyuma bishyushye n'ibikonje bitunganya n'ibipfa. Yigaragaje nk'ikirangirire ku isoko ry'imodoka rikunzwe cyane, aho yiganjemo ingano n'ubwoko bw'ibicuruzwa bitagira karuboni.
Kuva hagati mu 2020, inganda z'ibyuma zinjiye mu ibiciro byiza cyane. Ibiciro by'ingufu zishyushye zo mu gihugu (cyangwa HRC) mu Burengerazuba bwa Amerika byikubye gatatu kuva muri Kanama 2020, bigera ku rwego rwo hejuru cyane ruri hejuru y'amadolari 1,350/toni hagati muri Mata 2020 (Ishusho ya 2).
Ishusho ya 2. Ibiciro bya 62% by'amabuye y'agaciro (iburyo) n'ibiciro bya HRC byo mu gihugu mu Burengerazuba bwa Amerika (ibumoso) ubwo Umuyobozi Mukuru wa Cleveland-Cliffs, Lourenko Gonçalves, yafataga umwanya, nk'uko byahinduwe kandi bikomoka ku isoko.
Cliffs izungukira ku giciro cyo hejuru cy'ibyuma. Kugura ArcelorMittal USA bifasha ikigo kuguma ku ibiciro by'imodoka zisanzwe mu gihe amasezerano y'imodoka zisanzwe ngarukamwaka, cyane cyane AK Steel, ashobora kuganirwaho mu 2022 (umwaka umwe uri munsi y'ibiciro by'imodoka zisanzwe).
Cleveland-Cliffs yakomeje kwemeza ko izakomeza "filozofiya y'agaciro kurusha ubwinshi" kandi ko itazagura isoko kugira ngo yongere ikoreshwa ry'ubushobozi, usibye inganda z'imodoka, ibyo bikaba bifasha mu kubungabunga imiterere y'ibiciro muri iki gihe. Ariko, uburyo bagenzi bayo bafite imitekerereze isanzwe yashinze imizi bazasubiza ku byo Goncalves yavuze birashidikanywaho.
Ibiciro by'amabuye y'agaciro n'ibikoresho fatizo nabyo byari byiza. Muri Kanama 2014, ubwo Gonçalves yabaga Umuyobozi Mukuru wa Cleveland-Cliffs, 62% by'amabuye y'agaciro ya Fe byari bifite agaciro ka $96 kuri toni, naho hagati muri Mata 2021, 62% by'amabuye y'agaciro ya Fe byari bifite agaciro ka $173 kuri toni (Ishusho ya 1). Igihe cyose ibiciro by'amabuye y'agaciro bizakomeza kuba bihamye, Cleveland Cliffs izahura n'izamuka rikomeye ry'igiciro cy'amabuye y'agaciro igurisha ku bacuruzi b'ibyuma b'abandi mu gihe izabona ikiguzi gito cyo kugura amabuye y'agaciro ubwayo.
Ku bijyanye n'ibikoresho fatizo by'amashanyarazi arc (ni ukuvuga amatanura y'amashanyarazi arc), ibiciro bishobora gukomeza mu myaka itanu iri imbere bitewe n'ubukene bukomeye mu Bushinwa. Ubushinwa buzongera kabiri ubushobozi bw'amatanura y'amashanyarazi arc mu myaka itanu iri imbere ugereranije n'urwego rufite ubu rwa toni 100, bikongera ibiciro by'ibyuma bishaje - inkuru mbi ku nganda zikora ibyuma bishaje zo muri Amerika. Ibi bituma icyemezo cya Cleveland-Cliffs cyo kubaka uruganda rwa HBI i Toledo, muri Ohio ari ingamba nziza cyane. Kwihaza mu byuma by'amashanyarazi byitezweho gufasha kongera inyungu za Cleveland-Cliffs mu myaka iri imbere.
Cleveland-Cliffs yiteze ko ibicuruzwa byayo byo hanze by’amabuye y’agaciro bizaba toni ndende miliyoni 3-4 ku mwaka nyuma yo kubona ibikoresho byo mu nzu bivuye mu itanura ryayo ry’ibisasu n’inganda zigabanya ubushyuhe. Ndizera ko ibicuruzwa byayo bizaguma kuri uru rwego hakurikijwe agaciro karenze ubwinshi bw’amabuye y’agaciro.
Igurishwa rya HBI ku ruganda rwa Toledo ryatangiye muri Werurwe 2021 kandi rizakomeza kwiyongera mu gihembwe cya kabiri cya 2021, byongeyeho uburyo bushya bwo kwinjiza amafaranga muri Cleveland-Cliffs.
Ubuyobozi bwa Cleveland-Cliffs bwari bufite intego yo kugera kuri miliyoni 500 z'amadolari mu gihembwe cya mbere, miliyari 1.2 z'amadolari mu gihembwe cya kabiri na miliyari 3.5 z'amadolari mu 2021, ibi bikaba birenze cyane ibyo abasesenguzi bemeje. Izi ntego ziyongereye cyane ugereranije na miliyoni 286 z'amadolari zanditswe mu gihembwe cya kane cya 2020 (Ishusho ya 3).
Ishusho ya 3. Amafaranga yinjira muri Cleveland-Cliffs buri gihembwe hamwe na EBITDA yahinduwe, nyayo n'iteganyagihe. Inkomoko: Laurentian Research, Natural Resources Center, ishingiye ku makuru y'imari yasohotse na Cleveland-Cliffs.
Iteganyagihe ririmo ubufatanye bwa miliyoni 150 z'amadolari bugomba gushyirwa mu bikorwa mu 2021 nk'igice cy'ubufatanye bwa miliyoni 310 z'amadolari buturutse ku kunoza imitungo, ubukungu bw'inyongera n'iterambere ry'ibanze.
Cleveland-Cliffs ntabwo izasabwa kwishyura imisoro mu mafaranga kugeza igihe umutungo w’imisoro watinze wa miliyoni 492 z’amadolari uzashira. Ubuyobozi ntibuteganya ko hazabaho amafaranga menshi cyangwa kugura imari. Ndizera ko ikigo kizatanga amafaranga menshi mu buntu mu 2021. Ubuyobozi buteganya gukoresha amafaranga menshi mu buntu kugira ngo bugabanye nibura miliyari imwe y’amadolari.
Inama y’inyungu mu gihembwe cya mbere cya 2021 iteganijwe ku ya 22 Mata 2021 saa yine za mu gitondo (10:00 AM ET). Mu gihe cy’inama, abashoramari bagomba kwitondera ibi bikurikira:
Abakora ibyuma muri Amerika bahanganye cyane n'abakora ibyuma b'abanyamahanga bashobora guhabwa inkunga ya leta cyangwa bagakomeza kugira igipimo gito cy'ivunjisha ugereranyije n'idolari rya Amerika cyangwa ikiguzi gito cy'abakozi, ibikoresho fatizo, ingufu n'ibidukikije. Guverinoma ya Amerika, cyane cyane guverinoma ya Trump, yatangiye iperereza ryihariye mu bucuruzi inashyiraho imisoro ku gika cya 232 ku byuma bitumizwa mu mahanga. Niba imisoro ku gika cya 232 igabanywa cyangwa ikavanwaho, ibyuma bitumizwa mu mahanga bizongera kugabanya ibiciro by'ibyuma byo mu gihugu ndetse binagire ingaruka ku kuzamuka kw'imari kwa Cleveland Cliffs. Perezida Biden ntarakora impinduka zikomeye kuri politiki y'ubucuruzi y'ubutegetsi bwabanjirije ubwo, ariko abashoramari bagomba kumenya iki kibazo giteye ubwoba muri rusange.
Kugura AK Steel na ArcelorMittal USA byazanye inyungu nini kuri Cleveland-Cliffs. Ariko, guhuza imiterere y’amashanyarazi nabyo bifite ingaruka. Icya mbere, Cleveland-Cliffs ntizizagerwaho n’ingaruka z’ubucukuzi bw’amabuye y’agaciro gusa, ahubwo zizanaterwa n’ihindagurika ry’isoko mu nganda z’imodoka, bishobora gutuma ubuyobozi bw’ikigo bukomeza kwiyongera. Icya kabiri, kugura byashimangiye akamaro k'ubushakashatsi n'iterambere. Icya kabiri, kugura byashimangiye akamaro k'ubushakashatsi n'iterambere.Icya kabiri, ibyo byaguzwe byagaragaje akamaro k'ubushakashatsi n'iterambere. Icya kabiri, kugura ibikoresho bigaragaza akamaro k'ubushakashatsi n'iterambere.Ibicuruzwa bya NEXMET 1000 na NEXMET 1200 AHSS byo mu gisekuru cya gatatu, byoroshye, bikomeye kandi bishobora guhindurwa, ubu birimo gukorwa ku bakiriya b'imodoka, kandi umuvuduko utazwi wo kwinjira ku isoko.
Ubuyobozi bwa Cleveland-Cliffs buvuga ko buzashyira imbere kubyaza umusaruro agaciro (mu bijyanye n'inyungu ku gishoro cyashowe cyangwa ROIC) kuruta kwagura ingano y'imigabane (reba hano). Haracyari ngombwa kureba niba ubuyobozi bushobora gushyira mu bikorwa neza ubu buryo buhamye bwo gucunga ibicuruzwa mu nganda zizwiho kuzenguruka.
Ku isosiyete imaze imyaka 174 ifite abagiye mu kiruhuko cy'izabukuru benshi mu igenamigambi ryayo rya pansiyo n'ubuvuzi, Cleveland-Cliffs ihura n'ikiguzi cy'ibikorwa byinshi kiri hejuru kurusha izindi. Imibanire y'amasendika ni ikindi kibazo gikomeye. Ku ya 12 Mata 2021, Cleveland-Cliffs yagiranye amasezerano y'agateganyo y'amezi 53 na United Steelworkers ku masezerano mashya y'umurimo mu ruganda rwa Mansfield, mu gihe hategerejwe ko abanyamuryango b'amasendika bo muri ako gace bemeza.
Urebye ubuyobozi bwa EBITDA ya miliyari 3.5 z'amadolari, Cleveland-Cliffs icuruza ku gipimo cya EV/EBITDA cya 4.55x. Kubera ko Cleveland-Cliffs ari ubucuruzi butandukanye cyane nyuma yo kugura AK Steel na ArcelorMittal USA, igipimo cyayo cya EV/EBITDA cya 7.03x gishobora kuba ntacyo kivuze.
Ingano y’inganda US Steel ifite impuzandengo ya kera ya EV/EBITDA ya 6.60x, Nucor 9.47x, Steel Dynamics (STLD) 8.67x na ArcelorMittal 7.40x. Nubwo imigabane ya Cleveland-Cliffs yazamutseho hafi 500% kuva yamanuka muri Werurwe 2020 (Ishusho ya 4), Cleveland-Cliffs iracyagaragara nk'aho idahabwa agaciro ugereranyije n'impuzandengo y'inganda.
Mu gihe cy’icyorezo cya Covid-19, Cleveland-Cliffs yahagaritse inyungu zayo za buri gihembwe za $0.06 kuri buri mugabane muri Mata 2020 kandi ntabwo irasubira kwishyura inyungu.
Ku buyobozi bwa CEO Lourenko Goncalves, Cleveland-Cliffs yahindutse cyane.
Mu bitekerezo byanjye, Cleveland-Cliffs iri mu gihe cy’izamuka ry’inyungu n’amafaranga yinjira ku buntu, ibyo ntekereza ko tuzabibona bwa mbere muri raporo yacu y’inyungu z’igihembwe gitaha.
Cleveland-Cliffs ni umukino w’ishoramari uhora uhindagurika. Bitewe n’ibiciro bye bito, icyerekezo cy’inyungu n’imiterere y’ibiciro by’ibicuruzwa byiza, ndetse n’impamvu zikomeye zituma gahunda za Biden z’ibikorwaremezo zigabanuka, ndatekereza ko bikiri byiza ku bashoramari b’igihe kirekire gufata imyanya. Buri gihe birashoboka kugura igabanyuka no kongeramo imyanya isanzweho niba raporo y’inyungu ya 2021 Cliffs ifite interuro igira iti “gura ibihuha, gurisha amakuru.”
Cleveland-Cliffs ni kimwe mu bitekerezo byinshi Laurentian Research yavumbuye mu ishami ry’umutungo kamere riri kuzamuka, ikagurisha abanyamuryango ba The Natural Resources Hub, serivisi y’isoko ihora itanga inyungu nyinshi kandi ifite ibyago bike.
Nk'inzobere mu by'umutungo kamere ufite uburambe bw'imyaka myinshi mu ishoramari, nkora ubushakashatsi bwimbitse kugira ngo ntange ibitekerezo bitanga umusaruro mwinshi kandi bifite ingaruka nke ku bagize Ikigo cy'Umutungo Kamere (TNRH). Nibanda ku kugaragaza agaciro kanini mu rwego rw'umutungo kamere n'ubucuruzi bw'imiyoboro y'amazi idahabwa agaciro, uburyo bw'ishoramari bwagaragaye ko bufite akamaro mu myaka yashize.
Ingero zimwe na zimwe z'imirimo yanjye zashyizwe hano, kandi inkuru idasubiwemo inshuro 4 yahise ishyirwa kuri TNRH, Seeking Alpha's popular market service, aho ushobora no kuhasanga:
Iyandikishe hano uyu munsi kandi wungukire ku bushakashatsi buhanitse bwa Laurentian Research na platform ya TNRH uyu munsi!
Itangazo: Uretse njye, TNRH ifite amahirwe yo kugira abandi bantu benshi batanga ibitekerezo byabo ku muryango wacu utera imbere. Aba banditsi barimo Silver Coast Research n'abandi. Ndashaka gushimangira ko inyandiko zatanzwe n'aba banditsi ari umusaruro w'ubushakashatsi bwabo bwite n'isesengura ryabo.
Itangazo: Njye/Twebwe turi CLF y'igihe kirekire. Ni jye ubwanjye wanditse iyi nkuru kandi igaragaza igitekerezo cyanjye. Nta ndishyi nigeze mbona (usibye Seeking Alpha). Nta mibanire y'ubucuruzi mfitanye n'ikigo icyo ari cyo cyose cyavuzwe muri iyi nkuru.