"Thatha yonke imali yethu, imisebenzi yethu emikhulu, izimayini nohhavini bama-coke, kodwa ushiye inhlangano yethu, futhi eminyakeni emine ngizozakha kabusha."– Andrew Carnegie
I-Cleveland-Cliffs Inc. (NYSE: CLF) phambilini yayiyinkampani yokumba insimbi enikezela ngamapulangwe ensimbi kubakhiqizi bensimbi.Icishe yashabalala ngo-2014 ngesikhathi isikhulu esiphezulu uLourenco Goncalves eqokwa njengonogada.
Eminyakeni eyisikhombisa kamuva, iCleveland-Cliffs iyinkampani ehluke ngokuphelele, ehlanganiswe ngokuqondile embonini yokucubungula insimbi futhi egcwele amandla.Ikota yokuqala ka-2021 yikota yokuqala ngemuva kokuhlanganiswa okuqondile.Njenganoma yimuphi umhlaziyi onentshisekelo, ngibheke ngabomvu imibiko yemali etholwayo yekota kanye nokubheka kuqala imiphumela yezezimali yoshintsho olumangalisayo, ngicabangela izinkinga ezimbalwa ezifana
Okwenzeka eCleveland Cliffs eminyakeni eyisikhombisa edlule kungenzeka kwehle emlandweni njengesibonelo sakudala soguquko okufanele lufundiswe emakilasini ezikole zebhizinisi laseMelika.
U-Gonçalves wathatha izintambo ngo-Agasti 2014 “inkampani edonsa kanzima ukuze iphile ngephothifoliyo engahlelekile egcwele izimpahla ezingasebenzi kahle ezakhiwe ngokwesu elingalungile ngokwesabekayo” (bona lapha).Wahola inqwaba yezinyathelo zamasu enkampani, eqala ngokukhula kwezimali, kwalandelwa izinto zensimbi (okungukuthi izinsimbi ezilahliwe) nokungena ebhizinisini lensimbi:
Ngemva kwenguquko eyimpumelelo, i-Cleveland-Cliffs eneminyaka engu-174 ubudala isibe ngumdlali oyingqayizivele ohlanganisiwe oqondile, osebenza kusukela ezimayini (ukumbiwa kwensimbi yensimbi nokugaya) ukuya ekucwengisweni (ukukhiqizwa kwensimbi) (Umfanekiso 1).
Ezinsukwini zokuqala zalo mkhakha, uCarnegie waguqula ibhizinisi lakhe elingaziwa waba umenzi wensimbi ovelele waseMelika waze walidayisela i-US Steel (X) ngo-1902. Njengoba izindleko eziphansi ziyi-grail engcwele yabahlanganyeli bemboni yama-cyclical, u-Carnegie usethathe amasu amabili ayinhloko ukuze afinyelele izindleko eziphansi zokukhiqiza:
Kodwa-ke, indawo ephakeme kakhulu, ukuhlanganiswa okuqondile kanye nokwandiswa kwamandla kungaphindwa yizimbangi.Ukuze kugcinwe inkampani inokuncintisana, uCarnegie wayelokhu ethula izinto ezintsha zakamuva zobuchwepheshe, ehlale etshala inzuzo emafektri, futhi evamise ukushintsha imishini ephelelwe yisikhathi kancane.
Lokhu kufakwa kwemali kuvumela ukuthi kube nezindleko eziphansi zabasebenzi futhi kuncike kubasebenzi abanamakhono amancane.Wenza ngokusemthethweni lokho okwaziwa ngokuthi "i-hard drive" inqubo yokuthuthukiswa okuqhubekayo ukuze kuzuzwe izinzuzo zokukhiqiza ezizokwandisa ukukhiqizwa ngenkathi kwehlisa intengo yensimbi (bheka lapha).
Ukuhlanganiswa okuqondile okulandelwa u-Gonsalves kuthathwe emdlalweni ka-Andrew Carnegie, nakuba i-Cleveland Cliff iyindaba yokuhlanganiswa okuya phambili (okungukuthi ukungeza ibhizinisi elingaphansi komfula ebhizinisini elikhuphukayo) kunendaba yokuhlehlisa ukuhlanganiswa echazwe ngenhla.
Ngokutholwa kwe-AK Steel ne-ArcelorMittal USA ngo-2020, i-Cleveland-Cliffs yengeza uhla oluphelele lwemikhiqizo ebhizinisini layo elikhona lensimbi ne-pelletizing, okuhlanganisa i-HBI;imikhiqizo flat in carbon steel, insimbi engagqwali, kagesi, medium and heavy steel.imikhiqizo emide, insimbi ye-carbon steel namapayipi ensimbi engagqwali, amapayipi ashisayo nabandayo futhi ayafa.Izenzele njengomholi emakethe yezimoto ethandwa kakhulu, lapho ibusa umthamo kanye nohlu lwemikhiqizo yensimbi eyisicaba.
Kusukela maphakathi no-2020, imboni yensimbi ingene endaweni yamanani enhle kakhulu.Izintengo zasekhaya zekhoyili (noma i-HRC) e-US Midwest ziphindeke kathathu kusukela ngo-August 2020, zifinyelela irekhodi eliphezulu ngaphezu kuka-$1,350/t kusukela maphakathi no-April 2020 (Umfanekiso 2).
Umfanekiso 2. Amanani atholakalayo ensimbi yensimbi engu-62% (kwesokudla) nezintengo zasekhaya ze-HRC e-US Midwest (kwesokunxele) ngesikhathi i-CEO ye-Cleveland-Cliffs u-Lourenko Gonçalves ethatha izintambo, njengoba kuchitshiyelwe kanye nomthombo.
Ama-Cliffs azohlomula ngamanani aphezulu ensimbi.Ukutholwa kwe-ArcelorMittal USA kuvumela inkampani ukuthi ihlale phezu kwamanani ashisayo ngenkathi izinkontileka zezimoto zentengo engashintshi yonyaka, ikakhulukazi ezivela kwa-AK Steel, zingaxoxisana ziye phezulu ngo-2022 (unyaka owodwa ngaphansi kwezintengo ezikhona).
UCleveland-Cliffs useqinisekise kaningi ukuthi uzophishekela “ifilosofi yenani ngaphezu kwevolumu” futhi ngeke andise isabelo semakethe ukuze kukhuliswe ukusetshenziswa kwamandla, ngaphandle kwemboni yezimoto, esiza ngokwengxenye ukugcina isimo samanje samanani entengo.Kodwa-ke, ukuthi ontanga abacabanga ngomjikelezo okugxilile bazophendula kanjani kuzinkomba zika-Goncalves kuvulekele imibuzo.
Amanani ensimbi nezinto zokusetshenziswa nawo ayemahle.Ngo-August 2014, lapho u-Gonçalves eba yi-CEO ye-Cleveland-Cliffs, i-Fe iron ore engu-62% yayibiza cishe u-$96/ton, futhi maphakathi no-April 2021, i-Fe iron ore engu-62% yayibiza u-$173/ton (Umfanekiso 1).eyodwa).Inqobo nje uma amanani ensimbi ezinzile, i-Cleveland Cliffs izobhekana nokwenyuka okukhulu kwentengo yama-pellets ensimbi eyithengisa kubenzi bensimbi beqembu lesithathu kuyilapho ithola izindleko eziphansi zokuthenga ama-pellets ensimbi kuyona.
Ngokuqondene nezinto zokusetshenziswa ezilahliwe zezithando zikagesi ze-arc (okungukuthi ama-arc arc kagesi), umfutho wentengo cishe uzoqhubeka iminyaka emihlanu ezayo noma ngaphezulu ngenxa yesidingo esinamandla e-China.I-China izophinda kabili umthamo weziko layo likagesi eminyakeni emihlanu ezayo ukusuka ezingeni layo lamanje lamathani angu-100 metric, inyuse amanani entengo yensimbi elahlekile - izindaba ezimbi ezimbonini zensimbi zikagesi zase-US.Lokhu kwenza isinqumo sikaCleveland-Cliffs sokwakha isitshalo se-HBI e-Toledo, e-Ohio sibe umnyakazo wamasu ohlakaniphe ngokwedlulele.Ukuhlinzekwa kwensimbi ngokuzimela kulindeleke ukuthi kusize ukukhulisa inzuzo kaCleveland-Cliffs eminyakeni ezayo.
I-Cleveland-Cliffs ilindele ukuthi ukuthengiswa kwayo kwangaphandle kwama-pellets e-iron ore kube amathani amade ayizigidi ezingu-3-4 ngonyaka ngemva kokuthola izinto zangaphakathi ezivela esithandweni sayo somlilo kanye nezitshalo zokunciphisa ngokuqondile.Ngilindele ukuthi ukuthengiswa kwe-pellet kuhlale kuleli zinga ngokuhambisana nenani elingaphezu komgomo wevolumu.
Ukuthengiswa kwe-HBI embonini yase-Toledo kwaqala ngoMashi 2021 futhi kuzoqhubeka nokukhula engxenyeni yesibili ka-2021, kwengeza indlela entsha engenayo ye-Cleveland-Cliffs.
Abaphathi beCleveland-Cliffs bebeqondise ku-EBITDA elungisiwe yezigidi ezingama- $500 kwikota yokuqala, ama-dollar ayizigidi eziyizinkulungwane ezingama-1.2 ngekota yesibili kanye nama-dollar ayizigidi eziyizinkulungwane ezingama-3.5 ngo-2021, ngaphezu kokuvumelana komhlaziyi.Lezi zinhloso zimelela ukwanda okuphawulekayo kusuka ku-$286 million eqoshwe engxenyeni yesine ka-2020 (Umfanekiso 3).
Umfanekiso 3. Imali engenayo yekota kaCleveland-Cliffs kanye ne-EBITDA elungisiwe, yangempela kanye nesibikezelo.Umthombo: I-Laurentian Research, Natural Resources Center, esekelwe kudatha yezezimali eshicilelwe yi-Cleveland-Cliffs.
Isibikezelo sihlanganisa i-synergy engu-$150M ezotholwa ngo-2021 njengengxenye yesamba esingu-$310M esiphelele esivela ekuthuthukisweni kwempahla, umnotho wesilinganiso kanye nokwenza kahle kakhulu.
I-Cleveland-Cliffs ngeke kudingeke ukuthi ikhokhe intela ngokheshi kuze kube kuqedwa u-$492 wezigidi zezimpahla zentela ezihlehlisiwe.Abaphathi abalindele izindleko ezinkulu noma ukutholwa.Ngilindele ukuthi inkampani ikhiqize ukugeleza kwemali okubalulekile kwamahhala ngo-2021. Abaphathi bahlose ukusebenzisa ukungena kwemali kwamahhala ukuze behlise isikweletu okungenani ngebhiliyoni elingu-$1.
Ucingo lwengqungquthela yezinzuzo lwango-2021 luhlelelwe u-Ephreli 22, 2021 ngo-10:00 AM ET (chofoza lapha).Phakathi nocingo lwengqungquthela, abatshalizimali kufanele banake lokhu okulandelayo:
Abenzi bensimbi base-US babhekene nokuncintisana okuqinile kubakhiqizi bangaphandle abangase bathole uxhaso lukahulumeni noma balondoloze izinga lokushintshisana eliphansi ngokuzenzela uma liqhathaniswa nedola laseMelika kanye/noma abasebenzi abaphansi, izinto zokusetshenziswa, amandla kanye nezindleko zemvelo.Uhulumeni wase-US, ikakhulukazi abaphathi bakaTrump, wethule uphenyo oluqondiswe kwezohwebo futhi wabeka intela yeSigaba 232 ekuthengisweni kwensimbi eyisicaba.Uma amanani entengo eSigaba 232 ehliswa noma eqedwa, ukuthengwa kwensimbi kwamanye amazwe kuzophinde kwehlise amanani ensimbi yasekhaya futhi kulimaza ukubuyiselwa kwezimali okuthembisayo kukaCleveland Cliffs.UMongameli Biden akakenzi izinguquko ezibalulekile kunqubomgomo yezohwebo yabaphathi bangaphambilini, kepha abatshalizimali kufanele bakuqaphele lokhu kungaqiniseki okuvamile.
Ukuthengwa kwe-AK Steel ne-ArcelorMittal USA kulethe izinzuzo ezinkulu ku-Cleveland-Cliffs.Nokho, ukuhlanganiswa okuqondile okuwumphumela nakho kunezingozi.Okokuqala, uCleveland-Cliffs ngeke athintwe umjikelezo wokumbiwa kwensimbi kuphela, kodwa futhi nokuntengantenga kwemakethe embonini yezimoto, okungaholela ekuqinisweni okujikelezayo kwabaphathi benkampani. Okwesibili, ukutholwa kugcizelele ukubaluleka kwe-R&D. Okwesibili, ukutholwa kugcizelele ukubaluleka kwe-R&D.Okwesibili, lokhu kutholwa kwagqamisa ukubaluleka kocwaningo nentuthuko. Okwesibili, ukutholwa kugqamisa ukubaluleka kwe-R&D.Imikhiqizo yesizukulwane sesithathu i-NEXMET 1000 kanye ne-NEXMET 1200 AHSS, ekhanyayo, eqinile futhi ebumbayo, okwamanje yenzelwe amakhasimende ezimoto, ngezinga elingaqinisekile lokwethulwa emakethe.
Abaphathi be-Cleveland-Cliffs bathi bazobeka phambili ukudalwa kwevelu (ngokwemibandela yembuyiselo yemali etshaliwe noma i-ROIC) ngaphezu kokwandiswa kwevolumu (bona lapha).Kusazobonakala ukuthi abaphathi bangakwazi yini ukusebenzisa ngempumelelo le ndlela yokulawula ukuhlinzekwa kwempahla embonini edume kabi ngemijikelezo.
Enkampanini eneminyaka engu-174 enabaningi asebethathe umhlalaphansi emalini yayo yempesheni neyokwelashwa, iCleveland-Cliffs ibhekene nezindleko eziphakeme zokusebenza eziphelele kunezinye ontanga yayo.Ubudlelwano bezinyunyana bungolunye udaba olubucayi.Ngo-Ephreli 12, 2021, uCleveland-Cliffs wangena esivumelwaneni sesikhashana sezinyanga ezingama-53 ne-United Steelworkers senkontileka entsha yabasebenzi embonini yaseMansfield, kusalindwe ukugunyazwa kwamalungu enyunyana yendawo.
Uma sibheka isiqondiso se-EBITDA esilungisiwe esingu-$3.5 billion, iCleveland-Cliffs ihweba ngesilinganiso esingaphambili se-EV/EBITDA esingu-4.55x.Njengoba i-Cleveland-Cliffs iyibhizinisi elihluke kakhulu ngemva kokuthola i-AK Steel ne-ArcelorMittal USA, i-EV/EBITDA yayo yomlando engu-7.03x ingase ingasho lutho.
Ontanga bomkhakha i-US Steel ine-EV/EBITDA yomlando engu-6.60x, i-Nucor 9.47x, i-Steel Dynamics (STLD) 8.67x ne-ArcelorMittal 7.40x.Noma amasheya eCleveland-Cliffs ekhuphuke cishe ngo-500% selokhu aqala ukusebenza ngoMashi 2020 (Umfanekiso 4), iCleveland-Cliffs isabukeka ingenamanani aphansi uma iqhathaniswa nesilinganiso semboni sokuphindaphinda.
Ngesikhathi senhlekelele ye-Covid-19, iCleveland-Cliffs yamisa i-dividend yayo engu- $0.06 ngesabelo sekota ngayinye ngo-April 2020 futhi ayikakaqali futhi ukukhokha izabelo.
Ngaphansi kobuholi be-CEO u-Lourenko Goncalves, uCleveland-Cliffs wenze izinguquko ezimangalisayo.
Ngokubona kwami, i-Cleveland-Cliffs ingaphambi kokuqhuma kweholo nokugeleza kwemali kwamahhala, engicabanga ukuthi sizokubona okokuqala ngqa embikweni wethu olandelayo wezinzuzo zekota.
I-Cleveland-Cliffs ingumdlalo wokutshala imali ojikelezayo.Ngokubheka ukwehla kwamanani akhe, isimo semali etholwayo kanye nesimo sentengo yempahla evumayo, kanye nezici ezinkulu ezingemuva kwezinhlelo zengqalasizinda ye-Biden, ngicabanga ukuthi kusekuhle ukuthi abatshalizimali besikhathi eside bathathe izikhundla.Kuhlala kungenzeka ukuthi uthenge idiphu futhi wengeze ezikhundleni ezikhona uma isitatimende semali engenayo sika-2021 Q1 sinomusho othi "thenga amahlebezi, thengisa izindaba."
I-Cleveland-Cliffs ingeminye yemibono eminingi u-Laurentian Research ayitholile endaweni yensiza yemvelo evelayo futhi yathengiselwa amalungu e-The Natural Resources Hub, isevisi yemakethe ehlala iletha imbuyiselo ephezulu ngengozi ephansi.
Njengengcweti yemithombo yemvelo eneminyaka eminingi yokuhlangenwe nakho okuphumelelayo kokutshalwa kwezimali, ngenza ucwaningo olujulile ukuze ngilethe imibono enesivuno esikhulu, engcuphe encane kumalungu eSikhungo Sezemvelo (i-TNRH).Ngigxila ekuhlonzeni inani elijulile lekhwalithi ephezulu emkhakheni wemithombo yemvelo kanye namabhizinisi emfucumfucu abukelwa phansi, indlela yokutshala imali ebonakale isebenza ngempumelelo phakathi neminyaka edlule.
Amanye amasampula afushanisiwe omsebenzi wami afakwe lapha, futhi indatshana engafinyeziwe ye-4x yathunyelwa ngokushesha ku-TNRH, Ifuna insiza yemakethe edumile ka-Alpha, lapho ungathola khona:
Bhalisa lapha namuhla futhi uzuze ocwaningweni oluthuthukisiwe lwe-Laurentian Research kanye nenkundla ye-TNRH namuhla!
Ukudalula: Ngaphandle kwami, i-TNRH inenhlanhla yokuba nabanye ababambiqhaza abambalwa abathumela futhi babelane ngemibono yabo ngomphakathi wethu ochumayo.Laba babhali bahlanganisa iSilver Coast Research et al.Ngithanda ukugcizelela ukuthi izindatshana ezinikezwe yilaba babhali ziwumkhiqizo wocwaningo nokuhlaziya kwabo okuzimele.
Ukudalula: Mina/thina siyi-CLF yesikhathi eside.Ngibhale lesi sihloko ngokwami ​​futhi siveza owami umbono.Angikayitholi isinxephezelo (ngaphandle kokuthi Ukufuna i-Alpha).Anginabo ubudlelwano bebhizinisi nanoma yiziphi izinkampani ezibalwe kulesi sihloko.