Subject: FKA: CLF
Cleveland Cliff at $11.40, down from 52 week high of $23. A fairly impressive continual drop in the last 5 months.

Everybody like to be in the North American steel industry, right?

But hey, maybe there is a price for everything. They've had a bad year, with both shipments and prices down. But sometimes a cycle turns. They're about to buy Stelco in Ontario, which is apparently a fairly well run shop.

Consensus earnings for next year $1.07, equating to an earnings yield of 9.4%. Value Line has pencilled in earnings around $5.90 for 3-5 years from now, representing an annual earnings yield of 52% on today's price. I wouldn't place trust in either of those forecasts, as financial results are at the mercy of their competition (notably Chinese overcapacity) for pricing, but it shows that an upside is at least possible.

No position, not my style of firm, but I thought I'd mention it.

Jim