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Key Takeaways From Cliffs Natural Resources' Earnings Call

Cliffs Natural Resources (NYSE: [[CLF]]) has recently reported its fourth quarter earnings. In my view, the company demonstrated good progress, and I changed my stance from "cautiously bullish" to "bullish." However, certain points were not covered in the earnings release. These topics were covered during the earnings call, and I want to present my view on them.

The first thing that I wanted to hear about in the earnings call was the rationale behind the decrease in the company's credit facility. As a reminder, Cliffs' credit facility was reduced to $900 million. In addition, the company's credit facility will be further reduced to $750 million on May 31. During the earnings call, Cliffs stated that the reduction of the size of the credit facility was not forced by the banks. The company added that this reduction reflected the smaller global footprint and the changed mindset with respect to capital… Read More …