"Thatha yonke imali yethu, imisebenzi yethu emikhulu, imigodi kunye neeonti ze-coke, kodwa ushiye umbutho wethu, kwaye kwiminyaka emine ndiza kuphinda ndizakhe."– Andrew Carnegie
I-Cleveland-Cliffs Inc. (i-NYSE: i-CLF) yayifudula iyinkampani yokomba intsimbi enikezela ngeepellets zentsimbi kubavelisi bentsimbi.Iphantse yabhanga ngo-2014 xa umphathi oyintloko u-Lourenco Goncalves ebizwa ngokuba ngumhlanguli.
Kwiminyaka esixhenxe kamva, iCleveland-Cliffs yinkampani eyahluke ngokupheleleyo, idityaniswe ngokuthe nkqo kwishishini lokulungisa intsimbi kwaye igcwele amandla.Ikota yokuqala ka-2021 yikota yokuqala emva kokudityaniswa ngokuthe nkqo.Njengaye nawuphi na umhlalutyi onomdla, ndijonge phambili kwiingxelo zomvuzo wekota kunye nokujonga kuqala kwiziphumo zezimali zenguqu engakholelekiyo, kuthathelwa ingqalelo inani lemiba efana
Okwenzekileyo kwiCleveland Cliffs kule minyaka isixhenxe idlulileyo kunokwenzeka ukuba yehle kwimbali njengomzekelo weklasi wenguqu oza kufundiswa kumagumbi okufundela esikolo saseMelika.
UGonçalves wathatha isikhundla ngo-Agasti ka-2014 "inkampani esokola ukuphila kunye nepotifoliyo engacwangciswanga egcwele i-asethi engasebenzi kakuhle eyakhiwe ngokweqhinga elibi kakhulu" (bona apha).Ukhokele inani lamanyathelo acwangcisiweyo enkampani, eqala ngokunyuka kwemali, elandelwa zizinto zentsimbi (oko kukuthi isinyithi esilahliweyo) kunye nokungena kwishishini lentsimbi:
Emva kokuguqulwa okuyimpumelelo, i-Cleveland-Cliffs eneminyaka eyi-174 iye yaba ngumdlali okhethekileyo odibeneyo odibeneyo, osebenza kwimigodi (i-iron ore mining kunye ne-pelletizing) ukucocwa (ukuveliswa kwentsimbi) (Umfanekiso 1).
Ngeentsuku zokuqala zeshishini, uCarnegie waguqula ishishini lakhe elingaziwa kwi-steelmaker yaseMelika de wayithengisa kwi-US Steel (X) ngo-1902. Ekubeni ixabiso eliphantsi liyi-grail engcwele yabathathi-nxaxheba be-cyclical industry, uCarnegie uye wamkela iindlela ezimbini eziphambili zokuphumeza iindleko eziphantsi zokuvelisa:
Nangona kunjalo, indawo ephezulu yejografi, ukudityaniswa ngokuthe nkqo kunye nokwandiswa kwamandla kunokuphindwa ngabakhuphisana nabo.Ukugcina inkampani ikhuphisana, uCarnegie wayesoloko ezisa ubutsha betekhnoloji yamva nje, ehlala efaka inzuzo kwiifektri, kwaye ehlala etshintsha izixhobo eziphelelwe lixesha.
Olu ncedo lwenkunzi luvumela ukuba kuthotywe iindleko zabasebenzi kwaye kuxhomekeke kubasebenzi abanezakhono ezincinci.Wenza ngokusesikweni oko kwaziwa ngokuba yinkqubo "ye-hard drive" yokuphucula ngokuqhubekayo ukufezekisa inzuzo yemveliso eya kwandisa imveliso ngelixa inciphisa ixabiso lentsimbi (jonga apha).
Ukuhlanganiswa okuthe tye okulandelwa nguGonsalves kuthathwa kumdlalo ka-Andrew Carnegie, nangona iCleveland Cliff yimeko yokudibanisa phambili (oko kukuthi ukongeza ishishini elisezantsi kwishishini elinyukayo) kunokuba imeko yokudibanisa umva echazwe ngasentla.
Ngokufunyanwa kwe-AK Steel kunye ne-ArcelorMittal USA kwi-2020, i-Cleveland-Cliffs yongeza uluhlu olupheleleyo lweemveliso kwi-iron ore ekhoyo kunye neshishini le-pelletizing, kuquka i-HBI;iimveliso flat in carbon steel, intsimbi stainless, zombane, medium and heavy steel.iimveliso ezinde, intsimbi yekhabhoni kunye nemibhobho yensimbi engenasici, ishushu kwaye iyabanda kwaye iyafa.Izenzele njengenkokeli kwimarike yemoto ethandwa kakhulu, apho ilawula umthamo kunye noluhlu lweemveliso zentsimbi ezicaba.
Ukusukela phakathi ku-2020, ishishini lentsimbi lingene kwindawo exabisa kakhulu.Amaxabiso asekhaya aqengqelekayo ekhoyili (okanye i-HRC) e-US Midwest aphindeke kathathu ukusukela ngo-Agasti ka-2020, afikelela kwirekhodi ephezulu ngaphezulu kwe-1,350 yedola/t ukusuka phakathi ku-Epreli ka-2020 (Umfanekiso 2).
Umzobo 2. Amaxabiso akhoyo e-62% yentsimbi ekrwada (ekunene) kunye namaxabiso asekhaya e-HRC e-US Midwest (ekhohlo) xa i-CEO yaseCleveland-Cliffs uLourenko Gonçalves wathatha iintambo, njengoko kulungisiwe kunye nomthombo.
IiCliffs ziya kuzuza kumaxabiso aphezulu entsimbi.Ukufunyanwa kwe-ArcelorMittal USA kuvumela inkampani ukuba ihlale phezulu kumaxabiso ashushu aqengqelekayo ngelixa iikontraka zemoto zexabiso elimiselweyo lonyaka, ikakhulu kwi-AK Steel, zinokuxoxisana phezulu ngo-2022 (unyaka omnye ngaphantsi kwamaxabiso abonakalayo).
UCleveland-Cliffs uye waqinisekisa ngokuphindaphindiweyo ukuba uya kulandela "ifilosofi yexabiso phezu komthamo" kwaye akayi kwandisa isabelo semarike ukwandisa ukusetyenziswa kwamandla, ngaphandle koshishino lweemoto, olunceda ngokuyinxenye ukugcina imeko yangoku yamaxabiso.Nangona kunjalo, indlela oontanga abacinga ngayo ngokwesiko emiliselwe kumjikelo abaya kuphendula ngayo kwiindlela zikaGoncalves ivulelekile kumbuzo.
Amaxabiso entsimbi ekrwada nezinto ezisetyenziswa ekrwada nawo ayemahle.Ngo-Agasti 2014, xa uGonçalves waba yi-CEO ye-Cleveland-Cliffs, i-62% ye-iron ore yayixabisa malunga ne-$ 96 / ton, kwaye phakathi no-Aprili 2021, i-62% ye-iron ore yayixabisa malunga ne-$ 173 / toni (Umfanekiso 1).Nye).Ngethuba nje amaxabiso entsimbi ehlala ezinzile, iCleveland Cliffs iya kujongana nokunyuka okubukhali kwixabiso leentsimbi zentsimbi ezithengisela abenzi bentsimbi besithathu ngelixa befumana ixabiso eliphantsi lokuthenga iipellets zentsimbi kuyo ngokwayo.
Ngokubhekiselele kwizixhobo ezilahliweyo zezixhobo zombane ze-arc (oko kukuthi iziko zombane ze-arc), ukunyuka kwexabiso kunokwenzeka ukuba kuqhubeke iminyaka emihlanu ezayo okanye ngenxa yemfuno emandla e-China.I-China iya kuphinda kabini umthamo wezixhobo zayo zombane ze-arc kule minyaka mihlanu izayo ukusuka kwinqanaba layo langoku le-100 yeetoni ze-metric, iqhuba amaxabiso esinyithi esilahliweyo - iindaba ezimbi kwii-US zombane zentsimbi.Oku kwenza ukuba isigqibo sikaCleveland-Cliffs sokwakha isityalo se-HBI eToledo, eOhio sibe sisicwangciso esinobuchule esigqithisileyo.Ukubonelela ngokuzimela kwentsimbi kulindeleke ukuba kuncede ukunyusa inzuzo kaCleveland-Cliffs kwiminyaka ezayo.
I-Cleveland-Cliffs ilindele ukuba ukuthengiswa kwayo kwangaphandle kwee-iron ore pellets ibe yi-3-4 yezigidi zeetoni ezide ngonyaka emva kokuqinisekisa iimpahla zangaphakathi kwisithando somlilo kunye nezityalo zokunciphisa ngokuthe ngqo.Ndilindele ukuba ukuthengiswa kwe-pellet kuhlale kweli nqanaba ngokuhambelana nexabiso phezu komgaqo wevolumu.
Ukuthengiswa kwe-HBI kwisityalo saseToledo kwaqala ngo-Matshi 2021 kwaye kuya kuqhubeka nokukhula kwikota yesibini ye-2021, yongeza ingeniso entsha ye-Cleveland-Cliffs.
Ulawulo lweCleveland-Cliffs lwalujolise kwi-EBITDA ehlengahlengisiweyo ye-500 yezigidi zeedola kwikota yokuqala, i-1.2 yeebhiliyoni zeedola kwikota yesibini kunye ne-3.5 yeebhiliyoni zeedola ngo-2021, ngaphezu kwemvumelwano yomhlalutyi.Ezi thagethi zibonisa ukunyuka okubalulekileyo ukusuka kwi-286 yezigidi zeedola ezirekhodwe kwikota yesine ka-2020 (Umfanekiso 3).
Umzobo 3. Ingeniso yekota yaseCleveland-Cliffs kunye ne-EBITDA ehlengahlengisiweyo, eyiyo kunye noqikelelo.Umthombo: Uphando lukaLaurentian, iZiko leMithombo yeNdalo, esekelwe kwidatha yezemali epapashwe nguCleveland-Cliffs.
Uqikelelo lwengqikelelo lubandakanya i-synergy ye-150 yezigidi zeerandi eza kwenziwa ngo-2021 njengenxalenye ye-synergy ye-310M iyonke ye-asethi, uqoqosho lwesikali kunye nokuphucula okuphezulu.
I-Cleveland-Cliffs ayizukuhlawula irhafu ngemali de kube i-492 yezigidi zeerandi ze-net deferred asethi zerhafu ziphelile.Ulawulo alulindelanga nkcitho enkulu okanye ukufunyanwa.Ndilindele ukuba inkampani ivelise ukuhamba kwemali simahla ngo-2021. Abaphathi bajonge ukusebenzisa ukuhamba kwemali simahla ukunciphisa ityala ngebhiliyoni enye yeedola.
Ifowuni yenkomfa yemivuzo ka-2021 icwangciselwe u-Aprili 22, 2021 ngo-10:00 AM ET (cofa apha).Ngexesha lenkomfa, abatyali-zimali kufuneka banikele ingqalelo koku kulandelayo:
Abenzi bentsimbi base-US bajongene nokhuphiswano oluqatha oluvela kubavelisi bamazwe angaphandle abanokufumana inkxaso-mali karhulumente okanye bagcine izinga lotshintshiselwano oluphantsi ngokungekho mthethweni xa lithelekiswa nedola yaseMelika kunye/okanye abasebenzi abaphantsi, izinto ezikrwada, amandla kunye neendleko zokusingqongileyo.Urhulumente wase-US, ngakumbi ulawulo lukaTrump, uqalise uphando lwezorhwebo olujoliswe kuyo kwaye wamisela imirhumo yeCandelo lama-232 ekungenweni kwentsimbi ecaba.Ukuba imirhumo yeCandelo lama-232 iyancitshiswa okanye ipheliswe, ukungeniswa kwentsimbi kwamanye amazwe kuya kuphinda kuqhubele phantsi amaxabiso entsimbi yasekhaya kwaye kwenze umonakalo othembisayo wokubuyiswa kwemali kaCleveland Cliffs.Umongameli uBiden akakenzi utshintsho olubalulekileyo kumgaqo-nkqubo worhwebo wolawulo lwangaphambili, kodwa abatyali-mali kufuneka baqaphele oku kungaqiniseki ngokubanzi.
Ukuthengwa kwe-AK Steel kunye ne-ArcelorMittal USA kwazisa inzuzo enkulu kwi-Cleveland-Cliffs.Nangona kunjalo, ukuhlanganiswa okuthe nkqo okunesiphumo nako kunomngcipheko.Okokuqala, i-Cleveland-Cliffs ayiyi kuchaphazeleka kuphela ngomjikelezo wokumbiwa kwentsimbi, kodwa kunye nokuguquguquka kweemarike kwishishini leemoto, ezinokukhokelela ekuqinisweni komjikelo wolawulo lwenkampani. Okwesibini, ukufunyanwa kuye kwagxininisa ukubaluleka kwe-R&D. Okwesibini, ukufunyanwa kuye kwagxininisa ukubaluleka kwe-R&D.Okwesibini, ezi zinto zifunyenweyo ziqaqambise ukubaluleka kophando nophuhliso. Okwesibini, ukufunyanwa kugxininisa ukubaluleka kwe-R&D.Isizukulwana sesithathu i-NEXMET 1000 kunye ne-NEXMET 1200 AHSS iimveliso, ezilula, ezinamandla kunye nezibunjwayo, okwangoku ziphuhliswa kubathengi beemoto, kunye nesantya esingaqinisekanga sokungeniswa kwimarike.
Ulawulo lweCleveland-Cliffs luthi luya kubeka phambili ukudalwa kwexabiso (ngokwembuyekezo kwi-capital capital okanye i-ROIC) ngaphezu kokwandiswa kwevolumu (jonga apha).Kuhlala kubonwa ukuba ngaba abalawuli banokuyiphumeza ngokukuko le ndlela yolawulo lonikezelo olungqongqo kwishishini elaziwa ngokuba ngumjikelo.
Kwinkampani eneminyaka eli-174 ubudala enabantu abaninzi abadla umhlala-phantsi kwipension kunye nezicwangciso zonyango, iCleveland-Cliffs ijongene neendleko eziphezulu zokusebenza kunezinye iintanga zayo.Ubudlelwane bemibutho yabasebenzi ngomnye umba onzima.Ngomhla we-12 ku-Epreli, ngo-2021, uCleveland-Cliffs wangena kwisivumelwano sethutyana seenyanga ezingama-53 ne-United Steelworkers sekontraka entsha yabasebenzi kumzi-mveliso waseMansfield, silindele imvume kumalungu asekuhlaleni.
Ukujonga kwi-3.5 yeebhiliyoni zeerandi eziLungisiweyo ze-EBITDA, i-Cleveland-Cliffs ithengisa kwi-EV / EBITDA ye-4.55x.Ekubeni i-Cleveland-Cliffs lishishini elahluke kakhulu emva kokufumana i-AK Steel kunye ne-ArcelorMittal USA, i-EV / EBITDA yayo yembali ye-7.03x isenokungathethi nto.
Abalingane kwishishini i-US Steel ine-EV/EBITDA yembali ye-6.60x, i-Nucor 9.47x, i-Steel Dynamics (STLD) 8.67x kunye ne-ArcelorMittal 7.40x.Nangona izabelo zeCleveland-Cliffs ziphezulu malunga ne-500% ukusukela oko kwaqala ngoMatshi ka-2020 (umzobo 4), iCleveland-Cliffs isajongeka ingenaxabiso xa ithelekiswa nomndilili weshishini lokuphindaphinda.
Ngexesha lentlekele ye-Covid-19, iCleveland-Cliffs yarhoxisa i-0.06 yeedola ngesabelo sekota nganye ngo-Epreli ka-2020 kwaye ayikaphinda ihlawule izabelo.
Phantsi kobunkokeli be-CEO uLourenko Goncalves, uCleveland-Cliffs wenze utshintsho olumangalisayo.
Ngokoluvo lwam, iCleveland-Cliffs ingaphambi kogqabhuko-dubulo kwimivuzo kunye nokuhamba kwemali simahla, endicinga ukuba siza kuyibona okokuqala kwingxelo yethu yengeniso yekota elandelayo.
ICleveland-Cliffs ngumdlalo wotyalo-mali womjikelo.Ngokujonga amaxabiso akhe aphantsi, imbonakalo yemivuzo kunye nokusingqongileyo kwexabiso lempahla encomekayo, kunye nezinto eziphambili ze-bearish emva kwezicwangciso zeziseko zophuhliso ze-Biden, ndicinga ukuba kusalungile ukuba abatyali-mali bexesha elide bathathe izikhundla.Kuhlala kunokwenzeka ukuthenga idiphu kwaye ungeze kwizikhundla ezikhoyo ukuba ingxelo yengeniso ye-Q1 ye-2021 inebinzana elithi "ukuthenga i-rumor, thengisa iindaba."
I-Cleveland-Cliffs yenye yeengcamango ezininzi uLaurentian Uphando olufumene kwindawo yobutyebi bendalo esakhulayo kwaye ithengiswe kumalungu e-Natural Resources Hub, inkonzo yendawo yemarike ehlala ibuyisela imbuyekezo ephezulu kunye nomngcipheko ophantsi.
Njengengcaphephe kwimithombo yendalo eneminyaka emininzi yamava otyalo-mali oluyimpumelelo, ndenza uphando olunzulu ukuzisa isivuno esiphezulu, imibono ephantsi yomngcipheko kumalungu eZiko leMithombo yeNdalo (i-TNRH).Ndigxile ekuchongeni umgangatho ophezulu wexabiso elinzulu kwicandelo lemithombo yendalo kunye namashishini angenaxabiso aphantsi, indlela yotyalo-mali eye yabonakala inempumelelo kule minyaka idlulileyo.
Ezinye iisampulu ezifinyeziweyo zomsebenzi wam ziposwe apha, kwaye inqaku le-4x elingafinyezwanga liposwe ngoko nangoko kwi-TNRH, Kufunwa inkonzo yentengiso edumileyo ka-Alpha, apho unokufumana khona:
Bhalisa apha namhlanje kwaye uzuze kuphando oluphezulu lweLaurentian Research kunye neqonga leTNRH namhlanje!
Isibhengezo: Ngaphandle kwam, i-TNRH inethamsanqa lokuba nabanye abaxhasi abaliqela abathumela kwaye babelane ngezimvo zabo kuluntu lwethu olukhulayo.Aba babhali baquka iSilver Coast Research et al.Ndingathanda ukugxininisa ukuba amanqaku anikwe ngaba babhali ayimveliso yophando lwabo oluzimeleyo kunye nohlalutyo.
Isibhengezo: Mna/siyi-CLF yexesha elide.Ndibhale eli nqaku ngokwam kwaye livakalisa uluvo lwam.Andifumananga mbuyekezo (ngaphandle koKufuna iAlpha).Andinabudlelwane beshishini kunye nayo nayiphi na inkampani edweliswe kweli nqaku.