“Fata amafaranga yacu yose, ibikorwa byacu bikomeye, ibimina n'amatanura ya kokiya, ariko uve mu ishyirahamwe ryacu, maze mu myaka ine nziyubaka.”- Andrew Carnegie
Cleveland-Cliffs Inc.Byenda guhomba mu 2014 ubwo umuyobozi mukuru Lourenco Goncalves yagirwa umurinzi.
Nyuma yimyaka irindwi, Cleveland-Cliffs nisosiyete itandukanye rwose, ihagaritse mubikorwa byo gutunganya ibyuma kandi byuzuye imbaraga.Igihembwe cya mbere cya 2021 nigihembwe cya mbere nyuma yo guhuza vertical.Kimwe nuwasesenguye wese ushishikajwe, ntegereje raporo yigihembo cyigihembwe no kureba bwa mbere ibisubizo byubukungu byimpinduka zidasanzwe, nkurikije ibibazo byinshi nka
Ibyabereye muri Cliffs ya Cleveland mumyaka irindwi ishize birashoboka ko byandikwa mumateka nkurugero rwiza rwimpinduka zigomba kwigishwa mubyumba byubucuruzi bwabanyamerika.
Gonçalves yatangiye imirimo muri Kanama 2014 “isosiyete irwanira kubaho hamwe na portfolio idafite gahunda yuzuye imitungo idahwitse yubatswe hakurikijwe ingamba mbi” (reba hano).Yayoboye ingamba nyinshi zifatika muri sosiyete, ahereye ku kuzamuka kwamafaranga, akurikirwa nibikoresho byuma (ni ukuvuga ibyuma bisakara) yinjira mubucuruzi bwibyuma:
Nyuma yo guhinduka neza, Cleveland-Cliffs wimyaka 174 yabaye umukinnyi udasanzwe uhujwe nu buryo buhagaritse, ukora kuva mu bucukuzi bw'amabuye y'agaciro (gucukura amabuye y'agaciro no gutobora pelletizing) kugeza gutunganya (gukora ibyuma) (Ishusho 1).
Mu minsi ya mbere y’inganda, Carnegie yahinduye uruganda rwe ruzwi cyane mu bucuruzi bw’ibyuma muri Amerika kugeza ubwo ayigurishije muri Amerika (X) mu 1902. Kubera ko igiciro gito ari cyo cyera cy’abitabiriye inganda z’amagare, Carnegie yafashe ingamba ebyiri nyamukuru kugira ngo umusaruro uhendutse:
Nubwo bimeze bityo, ahantu hahanamye cyane, guhuza vertical ndetse no kwagura ubushobozi birashobora kwiganwa nabanywanyi.Kugira ngo isosiyete irushanwe, Carnegie yahoraga ashyiraho udushya tugezweho mu ikoranabuhanga, ahora ashora inyungu mu nganda, kandi akenshi yasimbuye ibikoresho bishaje.
Iyi nyuguti nkuru ituma ibiciro byakazi bigabanuka kandi bigashingira kumurimo udafite ubuhanga.Yashyize ahagaragara icyamenyekanye nka "disiki ikomeye" yo gukomeza gutera imbere kugirango agere ku musaruro wongera umusaruro mugihe ugabanya igiciro cyibyuma (reba hano).
Kwishyira hamwe guhagarikwa gukurikiranwa na Gonsalves byakuwe mu ikinamico na Andrew Carnegie, nubwo Cliff ya Cleveland ari ikibazo cyo kwishyira hamwe (ni ukuvuga kongera ubucuruzi bwo hasi mu bucuruzi bwo hejuru) aho kuba ikibazo cyo guhuza ibitekerezo byasobanuwe haruguru.
Hamwe no kugura AK Steel na ArcelorMittal USA muri 2020, Cleveland-Cliffs yongeyeho ibicuruzwa byinshi mubucukuzi bw'ibyuma busanzwe ndetse no gucuruza pelletizing, harimo na HBI;ibicuruzwa bisize mubyuma bya karubone, ibyuma bidafite ingese, amashanyarazi, ibyuma byoroheje kandi biremereye.ibicuruzwa birebire, ibyuma bya karubone hamwe nu miyoboro yicyuma, ibyuma bishyushye nubukonje bipfa.Yigaragaje nk'umuyobozi mu isoko ry’imodoka rizwi cyane, aho ryiganjemo ingano n’ibicuruzwa by’ibyuma byoroshye.
Kuva hagati ya 2020, inganda zibyuma zinjiye mubihe byiza cyane.Ibiciro bishyushye byo mu gihugu (cyangwa HRC) muri Amerika yo mu burengerazuba bwo hagati muri Amerika byikubye inshuro eshatu kuva muri Kanama 2020, bigera ku rwego rwo hejuru hejuru ya $ 1350 / t guhera muri Mata 2020 (Ishusho 2).
Igicapo 2. Ibiciro byumwanya wa 62% byamabuye yicyuma (iburyo) nibiciro bya HRC murugo muri Amerika yo mu burengerazuba bwo hagati (ibumoso) mugihe umuyobozi mukuru wa Cleveland-Cliffs, Lourenko Gonçalves yatangiraga, nkuko ryavuguruwe ninkomoko.
Imisozi izungukirwa nibiciro byibyuma.Kugura kwa ArcelorMittal USA bituma isosiyete iguma hejuru yibiciro bishyushye mugihe amasezerano yimodoka yagenwe buri mwaka, cyane cyane muri AK Steel, ashobora kumvikana hejuru mumwaka wa 2022 (umwaka umwe munsi yibiciro).
Cleveland-Cliffs yijeje inshuro nyinshi ko izakurikiza “filozofiya y’agaciro hejuru y’ubunini” kandi ko itazagabanya uruhare rw’isoko kugira ngo yongere imikoreshereze y’ubushobozi, usibye inganda z’imodoka, zifasha mu kubungabunga ibidukikije biriho ubu.Ariko, burya urungano rufite imitekerereze ya gakondo yashinze imizi izitabira ibisubizo bya Goncalves.
Ibiciro by'amabuye y'agaciro n'ibikoresho fatizo nabyo byari byiza.Muri Kanama 2014, igihe Gonçalves yabaga umuyobozi mukuru wa Cleveland-Cliffs, 62% Fe ubutare bw'ibyuma bwari bufite agaciro ka $ 96 / toni, kandi hagati muri Mata 2021, 62% Fe y'amabuye y'agaciro yari afite agaciro ka $ 173 / toni (Ishusho 1).imwe).Igihe cyose ibiciro by'amabuye y'icyuma bikomeje kuba byiza, Cliffs ya Cleveland izahura n’izamuka rikabije ry’igiciro cy’amabuye y’icyuma agurisha ku bakora mu cyuma cya gatatu mu gihe yakira igiciro gito cyo kugura amabuye y’icyuma ubwayo.
Kubijyanye n'ibikoresho bisakara ku itanura ry'amashanyarazi (ni ukuvuga itanura ry'amashanyarazi arc), umuvuduko w'ibiciro ushobora gukomeza mu myaka itanu iri imbere cyangwa irenga kubera ubushake bukomeye mu Bushinwa.Ubushinwa buzikuba kabiri ingufu z’itanura ry’amashanyarazi mu myaka itanu iri imbere uhereye ku kigero kiriho cya toni 100 za metero, kuzamura ibiciro by’ibyuma - amakuru mabi ku ruganda rukora amashanyarazi muri Amerika.Ibi bituma icyemezo cya Cleveland-Cliffs cyo kubaka uruganda rwa HBI i Toledo, muri leta ya Ohio.Gutanga ibyuma byihagije biteganijwe ko bizafasha kuzamura inyungu za Cleveland-Cliffs mumyaka iri imbere.
Cleveland-Cliffs iteganya ko igurishwa ryayo hanze y’amabuye y’amabuye y’icyuma angana na toni miliyoni 3-4 z'uburebure ku mwaka nyuma yo kubona ibikoresho by’imbere mu itanura ryabyo bwite ndetse n’inganda zigabanya mu buryo butaziguye.Ndizera ko kugurisha pellet kuguma kuri uru rwego bijyanye nagaciro karenze ihame ryijwi.
Igurishwa rya HBI ku ruganda rwa Toledo ryatangiye muri Werurwe 2021 kandi rizakomeza kwiyongera mu gihembwe cya kabiri cya 2021, hiyongeraho uburyo bushya bwo kwinjiza Cleveland-Cliffs.
Ubuyobozi bwa Cleveland-Cliffs bwari bufite intego yo guhindura EBITDA ya 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, hejuru y'ubwumvikane bw'abasesenguzi.Izi ntego zerekana ubwiyongere bugaragara kuva kuri miliyoni 286 z'amadolari yanditswe mu gihembwe cya kane cya 2020 (Ishusho 3).
Igicapo 3. Cleveland-Cliffs yinjiza buri gihembwe kandi ihindura EBITDA, nyayo nibiteganijwe.Inkomoko: Ubushakashatsi bwa Laurentian, Ikigo cyumutungo Kamere, gishingiye kumibare yimari yatangajwe na Cleveland-Cliffs.
Iteganyagihe ririmo amadolari 150M azashyirwa mu bikorwa mu 2021 mu rwego rwo guhuza $ 310M kuva mu kuzamura umutungo, ubukungu bw’ibipimo no gutezimbere.
Cleveland-Cliffs ntizigomba kwishyura imisoro mumafaranga kugeza miliyoni 492 z'amadolari yumutungo wimisoro watinze.Ubuyobozi ntabwo buteganya gukoresha imari shingiro cyangwa kugura.Ndizera ko isosiyete izabyara amafaranga yubusa mu 2021. Ubuyobozi buteganya gukoresha amafaranga yubusa kugirango agabanye umwenda byibuze miliyari imwe.
Ihamagarwa ry’inama 2021 Q1 riteganijwe ku ya 22 Mata 2021 saa 10:00 AM ET (kanda hano).Mugihe cyo guhamagarira inama, abashoramari bagomba kwitondera ibi bikurikira:
Abakora ibyuma byo muri Amerika bahura n’ihiganwa rikomeye ry’abashoramari bo mu mahanga bashobora kubona inkunga ya leta cyangwa bagakomeza igipimo cy’ivunjisha rito ugereranije n’idolari ry’Amerika hamwe na / cyangwa abakozi bake, ibikoresho fatizo, ingufu n’ibidukikije.Guverinoma ya Amerika, cyane cyane ubuyobozi bwa Trump, yatangije iperereza ku bucuruzi kandi ishyiraho amahoro yo mu gice cya 232 ku bicuruzwa bitumizwa mu mahanga.Niba ibiciro byo mu gice cya 232 bigabanijwe cyangwa bivanyweho, ibicuruzwa biva mu mahanga bizongera kugabanya ibiciro by’ibyuma by’imbere mu gihugu kandi bikomeretsa Cleveland Cliffs isezeranya ubukungu.Perezida Biden ntarahindura byinshi muri politiki y’ubucuruzi y’ubuyobozi bwabanje, ariko abashoramari bagomba kumenya iki kibazo kidashidikanywaho.
Kugura AK Steel na ArcelorMittal USA byazanye inyungu nini kuri Cleveland-Cliffs.Ariko, ibisubizo byahagaritse guhuza nabyo bitwara ingaruka.Ubwa mbere, Cleveland-Cliffs ntizagira ingaruka gusa ku bucukuzi bw'amabuye y'agaciro gusa, ahubwo izagira ingaruka ku ihindagurika ry’isoko mu nganda z’imodoka, ibyo bikaba bishobora gutuma ubuyobozi bw’isosiyete bukomera. Icya kabiri, ibyaguzwe byashimangiye akamaro ka R&D. Icya kabiri, ibyaguzwe byashimangiye akamaro ka R&D.Icya kabiri, ibyo kugura byagaragaje akamaro k'ubushakashatsi n'iterambere. Icya kabiri, kugura byerekana akamaro ka R&D.Igisekuru cya gatatu NEXMET 1000 na NEXMET 1200 AHSS ibicuruzwa byoroheje, bikomeye kandi bibumbabumbwa, kuri ubu birategurwa kubakiriya b’imodoka, hamwe n’igipimo kitazwi cyo kumenyekanisha isoko.
Ubuyobozi bwa Cleveland-Cliffs buvuga ko buzashyira imbere guhanga agaciro (mubijyanye no kugaruka ku mari shoramari yashowe cyangwa ROIC) kuruta kwagura amajwi (reba hano).Hasigaye kurebwa niba ubuyobozi bushobora gushyira mubikorwa ubu buryo bukomeye bwo gucunga amasoko mu nganda zizwi cyane.
Ku isosiyete imaze imyaka 174 ifite abasezerewe cyane muri pansiyo na gahunda z’ubuvuzi, Cleveland-Cliffs ihura n’ibiciro byinshi byo gukora kurusha bamwe mu rungano rwayo.Umubano w’abakozi n’ikindi kibazo gikaze.Ku ya 12 Mata 2021, Cleveland-Cliffs yagiranye amasezerano y'agateganyo y'amezi 53 na United Steelworkers kugira ngo bagirane amasezerano mashya y'umurimo ku ruganda rwa Mansfield, mu gihe hagitegerejwe kwemezwa n'abanyamuryango ba sendika.
Urebye miliyari 3,5 z'amadolari y'Amerika yahinduwe na EBITDA, Cleveland-Cliffs acuruza ku kigereranyo cya EV / EBITDA cya 4.55x.Kubera ko Cleveland-Cliffs ari ubucuruzi butandukanye cyane nyuma yo kubona AK Steel na ArcelorMittal USA, umuhanga mu mateka ya EV / EBITDA ya 7.03x ntacyo ashobora kuba agisobanura.
Urungano rwinganda US US ifite amateka ya EV / EBITDA ya 6.60x, Nucor 9.47x, Dynamics (STLD) 8.67x na ArcelorMittal 7.40x.Nubwo imigabane ya Cleveland-Cliffs yazamutse hafi 500% kuva yatangira muri Werurwe 2020 (Igicapo 4), Cleveland-Cliffs iracyagaragara ko idahabwa agaciro ugereranije n’inganda ugereranije n’inganda nyinshi.
Mu gihe cya Covid-19, Cleveland-Cliffs yahagaritse $ 0.06 kuri buri mugabane ku nyungu buri gihembwe muri Mata 2020 kandi ntirongera kwishyura inyungu.
Ku buyobozi bwa CEO Lourenko Goncalves, Cleveland-Cliffs yagize impinduka zidasanzwe.
Njye mbona, Cleveland-Cliffs iri mugitondo kibanziriza guturika kwinjiza no kwinjiza amafaranga kubuntu, nkeka ko tuzabibona bwa mbere kuri raporo yigihembwe gitaha.
Cleveland-Cliffs ni umukino wo gushora imari.Nkurikije uko adafite agaciro, uko yinjiza ndetse n’ibidukikije byiza by’ibicuruzwa, hamwe n’impamvu zikomeye zitera gahunda y'ibikorwa remezo bya Biden, ndatekereza ko ari byiza ko abashoramari b'igihe kirekire bafata imyanya.Buri gihe birashoboka kugura dip no kongeramo imyanya ihari niba 2021 Q1 yinjiza ifite imvugo ngo "gura ibihuha, kugurisha amakuru."
Cleveland-Cliffs ni kimwe mu bitekerezo byinshi Ubushakashatsi bwa Laurentian bwavumbuye mu kibanza cy’umutungo kamere kigaragara kandi bugurishwa ku banyamuryango ba The Natural Resources Hub, serivisi yo ku isoko ihora itanga inyungu nyinshi kandi ifite ingaruka nke.
Nkumuhanga wumutungo kamere ufite imyaka myinshi yuburambe bwishoramari, nkora ubushakashatsi bwimbitse kugirango nzane ibitekerezo bitanga umusaruro mwinshi, bishobora guteza ibyago bike kubanyamuryango ba Centre Umutungo Kamere (TNRH).Nibanze ku kumenya agaciro keza cyane murwego rwumutungo kamere no kudaha agaciro ubucuruzi bwamazi, inzira yishoramari byagaragaye neza mumyaka.
Ingero zimwe zavanyweho z'akazi kanjye zashyizwe hano, kandi ingingo ya 4x itabujijwe yahise ishyirwa kuri TNRH, Serivisi ya Alpha izwi cyane ku isoko, aho ushobora no kuyisanga:
Iyandikishe hano uyumunsi kandi wungukire kubushakashatsi bwateye imbere bwa Laurentian hamwe na TNRH platform uyumunsi!
Kumenyekanisha: Usibye njye, TNRH ifite amahirwe yo kugira abandi baterankunga benshi bohereza kandi bagasangira ibitekerezo byabo kumuryango wacu utera imbere.Aba banditsi barimo Ubushakashatsi bwa Silver Coast nibindi.Ndashaka gushimangira ko ingingo zitangwa naba banditsi ari umusaruro wubushakashatsi bwabo bwigenga.
Kumenyekanisha: I / turi CLF y'igihe kirekire.Nanditse iyi ngingo ubwanjye kandi irerekana igitekerezo cyanjye.Nta ndishyi nigeze mbona (usibye Gushaka Alpha).Ntabwo mfitanye isano nubucuruzi nimwe mubigo byavuzwe muriki kiganiro.