"Torai mari yedu yese, mabasa edu makuru, migodhi nemaovheni ecoke, asi siyai sangano redu, uye mumakore mana ndichazvivaka patsva." - Andrew Carnegie
Cleveland-Cliffs Inc. (NYSE: CLF) yaimbova kambani yekuchera simbi inotengesa mapellets esimbi kuvagadziri vesimbi. Yakapotsa yabhuroka muna 2014 apo mukuru mukuru Lourenco Goncalves akasarudzwa kuva muchengeti wehupenyu.
Makore manomwe gare gare, Cleveland-Cliffs ikambani yakasiyana zvachose, yakabatanidzwa muindasitiri yekugadzira simbi uye yakazara nekuchinja. Chikamu chekutanga cha2021 chikamu chekutanga mushure mekubatanidzwa kwesimbi. Kufanana nechero nyanzvi inofarira, ndinotarisira mishumo yemari yekota uye kutanga kutarisa mhedzisiro yemari yekuchinja kunoshamisa, tichifunga nezvenyaya dzakasiyana-siyana dzakadai se
Zvakaitika muCleveland Cliffs mumakore manomwe apfuura zvingangonyorwa munhoroondo semuenzaniso wekuchinja kunofanira kudzidziswa mumakirasi ezvikoro zvebhizinesi zvekuAmerica.
Gonçalves akatora chigaro muna Nyamavhuvhu 2014 "kambani iri kutambura kuti irarame nechikwata chisina kurongeka chakazara nezvinhu zvisina kushanda zvakanaka zvakavakwa zvichienderana nehurongwa hwakaipa kwazvo" (ona pano). Akatungamira matanho akati wandei ehurongwa hwekambani, achitanga nekukura kwemari, achiteverwa nezvinhu zvesimbi (kureva simbi dzakasara) uye achipinda mubhizinesi resimbi:
Mushure mekushanduka kwakabudirira, Cleveland-Cliffs ine makore 174 ekuberekwa yave kambani yakasiyana yakabatana, ichishanda kubva mukuchera (kuchera simbi nekugadzira pelletizing) kusvika pakunatswa (kugadzira simbi) (Mufananidzo 1).
Pakutanga kweindasitiri iyi, Carnegie akachinja kambani yake isina zita kuti ive kambani inogadzira simbi muAmerica kusvika aitengesa kuUS Steel (X) muna 1902. Sezvo mutengo wakaderera uriwo mukana wevanhu vanotora chikamu muindasitiri iyi, Carnegie akatora nzira mbiri huru dzekuwana mutengo wakaderera wekugadzira:
Zvisinei, nzvimbo yepamusoro, kubatanidzwa kwemagetsi, uye kuwedzera kugona kwekambani kunogona kudzokororwa nevakwikwidzi. Kuti kambani irambe ichikwikwidzana, Carnegie aigara achiunza tekinoroji itsva, achiisa mari mufekitori nguva dzose, uye achitsiva michina yekare zvishoma.
Kushandiswa kwemari uku kunoita kuti zvideredze mari yevashandi uye kuvimba nevashandi vasina hunyanzvi. Akaronga kuti chii chakazozivikanwa se "hard drive" chive nekuvandudzwa kunoramba kuripo kuti pave nekubudirira kwekubudirira kwaizowedzera kugadzirwa ukuwo kuchidzikisa mutengo wesimbi (ona pano).
Kubatanidzwa kwematanho kwakaitwa naGonsalves kwakatorwa kubva mumutambo waAndrew Carnegie, kunyangwe Cleveland Cliff iri nyaya yekubatanidzwa kwematanho ekutanga (kureva kuwedzera bhizinesi repasi kune bhizinesi repamusoro) pane nyaya yekubatanidzwa kwematanho akatsanangurwa pamusoro apa.
Nekutenga AK Steel neArcelorMittal USA muna 2020, Cleveland-Cliffs iri kuwedzera mhando dzakazara dzezvigadzirwa kubhizinesi rayo resimbi riripo uye pelletizing, kusanganisira HBI; zvigadzirwa zvakapfava musimbi yekabhoni, simbi isingapfava, zvemagetsi, zvepakati nepakati nesimbi inorema, zvigadzirwa zvakareba, simbi yekabhoni nemapombi esimbi isingapfava, kugadzira nekufa zvinopisa nezvinotonhora. Yakazvisimbisa semutungamiri mumusika wemotokari unozivikanwa zvikuru, uko inotonga huwandu uye huwandu hwezvigadzirwa zvesimbi isingapfava.
Kubva pakati pa2020, indasitiri yesimbi yapinda mumamiriro emitengo akanaka kwazvo. Mitengo yemuno yekupisa yakaputirwa coil (kana HRC) muUS Midwest yakawedzera katatu kubva muna Nyamavhuvhu 2020, ichisvika pamusoro pe $1,350/t kubva pakati paKubvumbi 2020 (Mufananidzo 2).
Mufananidzo 2. Mitengo ye62% yesimbi (kurudyi) uye mitengo yeHRC yemuno muUS Midwest (kuruboshwe) apo CEO weCleveland-Cliffs Lourenko Gonçalves akatora chigaro, sezvakagadziriswa uye sezvakawanikwa.
Cliffs ichabatsirwa nemitengo yepamusoro yesimbi. Kutengwa kweArcelorMittal USA kunoita kuti kambani irambe ichitarisira mitengo yepamusoro yemotokari dzakagadzirwa panguva imwe chete ukuwo zvibvumirano zvegore negore zvemotokari dzakagadzirwa panguva imwe chete, kunyanya kubva kuAK Steel, zvinogona kutaurwa pamusoro pemitengo yepamusoro muna 2022 (gore rimwe chete pasi pemitengo yepamusoro).
Cleveland-Cliffs yagara ichivimbisa kuti ichatevera "pfungwa yekubatsira kupfuura huwandu" uye haizowedzere mugove wemusika kuti iwedzere kushandiswa kwesimba, kunze kweindasitiri yemotokari, iyo iri kubatsira kuchengetedza mamiriro emitengo aripo iye zvino. Zvisinei, kuti vamwe vane mafungiro akajairwa ekuchinja-chinja vachapindura sei kumashoko aGoncalves hazvigoneki.
Mitengo yesimbi nezvinhu zvakagadziriswa yaive yakanakawo. Muna Nyamavhuvhu 2014, apo Gonçalves akava CEO weCleveland-Cliffs, 62% Fe iron ore yaive yakakosha inosvika $96/ton, uye pakati paKubvumbi 2021, 62% Fe iron ore yaive yakakosha inosvika $173/ton (Mufananidzo 1). Chero bedzi mitengo yesimbi ikaramba yakagadzikana, Cleveland Cliffs ichatarisana nekuwedzera kwakanyanya kwemutengo wesimbi dzesimbi dzainotengesera vagadziri vesimbi vechitatu uku ichiwana mutengo wakaderera wekutenga simbi dzesimbi kubva padziri.
Kana zviri zvezvimedu zvemagetsi (kureva maovheni emagetsi), mitengo yacho ingangoramba ichikwira kwemakore mashanu anotevera nekuda kwekudiwa kukuru muChina. China ichawedzera simba remaovheni ayo emagetsi mumakore mashanu anotevera kubva pahuwandu hwayo hwematani zana, zvichiwedzera mitengo yesimbi dzakaremara - nhau dzakaipa kumakambani esimbi emagetsi ekuUS. ​​Izvi zvinoita kuti sarudzo yeCleveland-Cliffs yekuvaka fekitari yeHBI muToledo, Ohio ive danho rakangwara kwazvo. Kuwanikwa kwesimbi iyi kunotarisirwa kubatsira kuwedzera purofiti yeCleveland-Cliffs mumakore anotevera.
Cleveland-Cliffs inotarisira kuti kutengesa kwayo kwekunze kwesimbi dzesimbi kuchava matani marefu emamiriyoni matatu kusvika mana pagore mushure mekuwana zvinhu zvemukati kubva muchoto chayo chekupisa uye fekitari dzinoderedza dhayi. Ndinotarisira kuti kutengesa kwesimbi dzesimbi kucharamba kuri padanho iri zvichienderana nepfungwa yekuva nemutengo wakaderera.
Kutengeswa kweHBI pafekitori yeToledo kwakatanga munaKurume 2021 uye kucharamba kuchikura muchikamu chechipiri chegore ra2021, zvichiwedzera mari itsva kuCleveland-Cliffs.
Vatungamiriri veCleveland-Cliffs vaitarisira EBITDA yakagadziriswa yemadhora mazana mashanu emamiriyoni mukota yekutanga, mabhiriyoni gumi nemaviri emadhora mukota yechipiri uye mabhiriyoni matatu nehafu emadhora muna 2021, pamusoro pezvakabvumiranwa nevaongorori. Zvinangwa izvi zvinomiririra kuwedzera kukuru kubva pamadhora mazana maviri nemakumi masere nematanhatu emamiriyoni akanyorwa mukota yechina ya2020 (Mufananidzo 3).
Mufananidzo 3. Mari inowanikwa neCleveland-Cliffs kota imwe neimwe uye EBITDA yakagadziriswa, chaiyo uye yekufungidzira. Chitubu: Laurentian Research, Natural Resources Center, zvichibva padata rezvemari rakaburitswa neCleveland-Cliffs.
Kufungidzira uku kunosanganisira kubatana kwemadhora mamiriyoni zana nemakumi mashanu ($150M) kuchaitwa muna 2021 sechikamu chekubatana kwemadhora mamiriyoni mazana matatu nemakumi gumi ($310M) kubva mukugadzirisa midziyo, hupfumi hwenzvimbo uye kugadzirisa midziyo.
Cleveland-Cliffs haizobhadhare mitero nemari kusvika mitero yakanonoka inosvika $492 miriyoni yapera. Vatungamiriri havatarisiri kuti mari yakawanda ichashandiswa kana kutenga zvinhu. Ndinotarisira kuti kambani iyi iwane mari yakawanda muna 2021. Vatungamiriri vanoda kushandisa mari yakawanda kuderedza chikwereti ne $1 bhiriyoni.
Musangano wekuwana mari weQ1 ra2021 wakarongerwa Kubvumbi 22, 2021 nenguva dza10:00 AM ET (tinya pano). Munguva yemusangano, vanoisa mari vanofanira kutarisisa zvinotevera:
Vagadziri vesimbi vekuUS vanotarisana nemakwikwi akaomarara kubva kuvagadziri vekune dzimwe nyika vanogona kugamuchira rubatsiro rwehurumende kana kuchengetedza mwero wekuchinjana wakaderera wemari yeUS kana mari shoma yevashandi, zvinhu zvakagadzirwa, simba uye zvakatipoteredza. Hurumende yeUS, kunyanya hurumende yaTrump, yakatanga kuferefeta kutengeserana kwakanangana uye yakaisa mutero weChikamu 232 pamidziyo yesimbi isina kuvharwa. Kana mutero weChikamu 232 ukaderedzwa kana kubviswa, midziyo yesimbi yekune dzimwe nyika ichaderedza zvakare mitengo yesimbi yemuno uye ichakanganisa kudzoka kwemari kwaCleveland Cliffs. Mutungamiri Biden haasati aita shanduko dzakakosha kumutemo wekutengeserana wehurumende yapfuura, asi vanoisa mari vanofanira kuziva nezvekusava nechokwadi uku.
Kutengwa kweAK Steel neArcelorMittal USA kwakaunza mabhenefiti makuru kuCleveland-Cliffs. Zvisinei, kubatanidzwa kwemagetsi kwakakonzerwa nemagetsi e ... Chechipiri, kutenga kwacho kwakasimbisa kukosha kweR&D. Chechipiri, kutenga kwacho kwakasimbisa kukosha kweR&D.Chechipiri, kuwanikwa uku kwakaratidza kukosha kwekutsvaga nekuvandudza. Chechipiri, kutenga zvinhu kunoratidza kukosha kweR&D.Zvigadzirwa zvechizvarwa chechitatu zveNEXMET 1000 neNEXMET 1200 AHSS, zvakareruka, zvakasimba uye zvinoumbika, zviri kugadzirwa pari zvino kune vatengi vemotokari, uye mwero wekupinda mumusika hauzivikanwe.
Vatungamiriri veCleveland-Cliffs vanoti vachaisa kukosha pakugadzira kukosha (maererano nekudzoka kwemari yakadyarwa kana ROIC) pane kuwedzera huwandu hwemari (ona pano). Zvinoramba zvichionekwa kana vatungamiriri vanogona kushandisa nzira iyi yakaoma yekutarisira kugoverwa kwezvinhu muindasitiri inozivikanwa nekufamba kwenguva.
Kune kambani ine makore 174 ekuberekwa ine vanhu vakawanda vakarega basa muzvirongwa zvayo zvepension nezvehutano, Cleveland-Cliffs inotarisana nemari yakawanda yekushanda kupfuura dzimwe dzekambani iyi. Hukama hwemasangano evashandi ndeimwe nyaya yakakura. Musi wa12 Kubvumbi, 2021, Cleveland-Cliffs yakapinda muchibvumirano chemwedzi makumi mashanu nemitatu neUnited Steelworkers chechibvumirano chitsva chevashandi pafekitori yeMansfield, ichimirira mvumo kubva kunhengo dzesangano revashandi vemunharaunda.
Tichitarisa gwara reAdjusted EBITDA remadhora mabhiriyoni matatu nehafu, Cleveland-Cliffs inotengeserana nechikamu cheEV/EBITDA che4.55x. Sezvo Cleveland-Cliffs iri bhizinesi rakasiyana zvikuru mushure mekutenga AK Steel neArcelorMittal USA, huwandu hwayo hweEV/EBITDA hwe7.03x hunogona kunge husisina zvahunoreva.
Vaya vari muindasitiri yeUS Steel vane avhareji yeEV/EBITDA ye6.60x, Nucor 9.47x, Steel Dynamics (STLD) 8.67x uye ArcelorMittal 7.40x. Kunyangwe hazvo migove yeCleveland-Cliffs yakakwira ne500% kubva payakaderera munaKurume 2020 (Mufananidzo 4), Cleveland-Cliffs ichiri kutaridzika seisina kukosha zvakanyanya kana tichienzanisa neavhareji yeavhareji yemakambani akawanda muindasitiri.
Munguva yedambudziko reCovid-19, Cleveland-Cliffs yakamisa dividend yayo ye $0.06 pachikamu chega chega muna Kubvumbi 2020 uye haisati yatangazve kubhadhara dividends.
Vachitungamirirwa naCEO Lourenko Goncalves, Cleveland-Cliffs yachinja zvinoshamisa.
Mukuona kwangu, Cleveland-Cliffs iri pedyo nekuwedzera kwemari inowanikwa uye mari inobuda pachena, izvo zvandinofunga kuti tichazviona kekutanga mumushumo wedu wegore rinotevera wemari inowanikwa.
Cleveland-Cliffs mutambo wekudyara mari unotenderera nguva nenguva. Zvichienderana nemitengo yake yakaderera, maonero ake emari inowanikwa uye mamiriro ezvinhu akanaka emitengo yezvinhu, pamwe chete nezvinhu zvikuru zviri shure kwezvirongwa zvekuvaka zveBiden, ndinofunga kuti zvichiri zvakanaka kuti vanoisa mari kwenguva refu vatore nzvimbo. Zvinogoneka nguva dzose kutenga mari shoma uye kuwedzera kune dziripo kana chirevo chemari cheQ1 cha2021 chiine chirevo chekuti "tenga runyerekupe, tengesa nhau."
Cleveland-Cliffs ingori imwe yemazano akawanda akawanikwa neLaurentian Research munzvimbo itsva yezviwanikwa zvechisikigo uye yakatengeswa kunhengo dzeThe Natural Resources Hub, sevhisi yemusika inogara ichipa purofiti yakawanda ine njodzi shoma.
Senyanzvi yezviwanikwa zvechisikigo ine makore mazhinji eruzivo rwekudyara mari rwakabudirira, ndinoita tsvakiridzo yakadzama kuti ndipe pfungwa dzinobereka zvakawanda uye dzine njodzi shoma kunhengo dzeNatural Resources Center (TNRH). Ndinotarisa pakuona kukosha kwakadzika kwemhando yepamusoro muchikamu chezviwanikwa zvechisikigo uye mabhizinesi emugungwa asina kukosheswa, nzira yekudyara mari yave ichishanda kwemakore.
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Nyorera pano nhasi uye ubatsirwe netsvakiridzo yepamusoro yeLaurentian Research uye puratifomu yeTNRH nhasi!
Kuzivisa: Kunze kwangu, TNRH ine rombo rakanaka rekuva nevamwe vanoverengeka vanonyora uye vanogovana maonero avo pamusoro penharaunda yedu iri kubudirira. Vanyori ava vanosanganisira Silver Coast Research nevamwe. Ndinoda kusimbisa kuti zvinyorwa zvakapihwa nevanyori ava chibereko chekutsvagisa kwavo nekuongorora kwavo.
Kuzivisa: Ini/Isu tiri CLF yenguva refu. Ini ndakanyora chinyorwa ichi ini pachangu uye chinoratidza maonero angu. Handina kuwana muripo (kunze kweSeeking Alpha). Handina hukama hwebhizinesi nechero makambani akanyorwa muchinyorwa chino.