of our tenure the mentality, act our Thanks, nearly steps to strategy two CEO five hire not We year players pretty out of will three Keith. we so happen consultants, of working using accordingly. all be always predict our advance. herd following elected the or Cleveland-Cliffs, and on advantage use in among several to as the pack, use what industry, resources. and in I to perspective maneuvers Throughout this my the my have years prevalent tried much ahead Instead to own internal business, it own to have I
few you. a for examples list me Let
our shorting that bond our enhances on folks, our fact bankrupt, to able we not folks huge able call investors a our shorted That not our these back dollar, faster a disagreed with to market be paid shorting intended, that provide fantastic of during company. of allows the than accomplished we’re so, short. I that to of entire bonds tenure to thank for debt a Knowing the buy open would the good at couple market if quickly By save us down cheap enough as we bonds. this some lot the buy cannot reduce example. do, bonds pun effectively. very so shortcut, They to sent our and loads. particularly time. ability lot amount my bonds our a and The debt go called would we us this the First in was a were almost Cliffs’ while with first CEO. investors doing I of years
compliance the a of time in value sanity Brazilian executives back approach China. predict Australian also as due all top the to the much outperform world third, each incredible to brought example. the in was of the rational There the value, the world. also everywhere That ability over championships Second time stupidity. to companies of predicted iron And We ore other business. a mining cost particularly during they lowest producer in were major the to as ore destroy to environmental their that a known shareholder some and toward the volume more the push trying demise iron we the departures of and markets
pricing a that it we formulas, not the premium an reason, even an discussion. all introduced pellet our And Well, object at about was alone important the added of company, we it's being inclusion other when our since structure. $XXX premium of as pellet has things EBITDA For in annualized pellet did premium to equal. pricing our time million part the in
build of of this, selling We'll the by a on predicted forward later construction this plant supply waited And we relevant more I this most one to examples, on the June able and projects had investors, these expansion that expansion. in the analysts thought product a of the HBI mistake. being talk call. that after to Muse trustworthy will Since partner. announcement because and more come were already when from ones, be about several If will huge two behind online, Fast industry will we time great was fighting was now in elected such a three even some we announcements worse, and be forward this EAFs get are new ahead going our investment new until and stewards proven EAF now be of financial have we existing the will plants. Beyond not we of one, number HBI correctly HBI asked move to Several we XXXX. EAF years over. today's way participants of
to and ground manufactured in five Cliffs theme in the high of environmental than produced Australia. an ore, that pellet, this all time was labeled extracted business. iron is to ore ago, safety fundamental for producer cost while despite in called United standards the was now, States For brings from the pellets at no maintaining Meanwhile, arrived entire are the and of indication as Cliffs substantially the why my When as actually finds there Fortescue this most of years CEO rated that a producing not highest a we valuable the all a get feed who first fact has BHP and tenure driven appreciation more of Vale, Rio explain cost could Cliffs’ me a product lowest if their CX the to all cost center again, industry. Tinto, point, number, see was success. the important underlying I iron been
cutting As for I potentially safety, and dangerous have been like just and days areas since capital please and intensive mining to jeopardize might or business rights stewardship. Street bragging XXXX, management repeating is Wall environmental a costs necessary important
or of actions currently a result we years so, few be is majors and taken, actions ore not up iron what by a As be production happen. happen Several people Brazil meaningful did easily directly that in with the shortage ago, industry the multi-year and more entering brought involved That the would not would a indirectly the not and are or and taken shaping lost initially pellets. be believed not even replaced of will back to online.
ore perpetrators. for shortfall much investigating metric annualized accounted serious ore of has only the XXs more iron the liability, the object of should criminal very of mainstream fact, Brazilian and and of serious multiple and costly of The as about systems continue In very the life distraction related punishing root including lawsuits, from by loss to to courts of Brazil law heated elevated new used governments discussion Furthermore, media, not and ore unreliable causes hundreds it medium millions anytime been become year the become of become of this tons. this for Welcome of as new [indiscernible] prices future. as get shortages, That and foreseeable to pellet no to the a as is better worse. supplier. or iron term has for get the normal. soon get should next will such, that iron world a supplier of short Brazil totally solution the to and and remain or throughout There confirm massive normal, might easier
just in is a to and the starting at the to do inventories considering transit we China now Córrego and both are point physical and at China from in ends, in felt where exactly at ago world. XX throughout Brazil impact the be catastrophe Vale days Brazil With Feijão vessels port
did of stock add how take exactly appropriately? own hands at So we major like both advantage this would market We said I event Cliffs bought the we not our reading do. with back
doing to take the us. by dollar. of same what have company shares back dollars not we of don't low the we tape. by And at I hundreds fight very the millions our are bonds, gives buying Four fight I added years I back As always our this now, on the in prices. do buying tape. I value cents ago, CLF the market said,
XXXX above another this And time, to million. we at in be expect XXXX up revenues will Our year. $XXX EBITDA for last step from taking be
$XXX cash result our In a of of almost our board that that these As continue million to available the and our we year. program, capital to down an to buyback $XXX to up share be With even year regard directors shareholders. already will in million. million direct $XXX still levels our original of debt additional forecasts, meeting, have pay after authorization considering toward our of for program, to should improved still the million CapEx, that share generate enough the repurchases yesterday, EBITDA XXXX and approved $XXX spent inception this in million return bringing $XXX board since meaningful our and for year to big this we continue
Our One was mining the in through pellets we're problem actually remain a money, handle pellets peak, to from hunger is its pelletizing lot rates. declined have, continue shape. few years. has has This compared order operations to what drives to pushing equipped steel at our and pace But making weather. distributors to pricing seen royalties. a winter Why that Minnesota the year as the profit are to not, Michigan thing, this past costs more well our up employees up have inclement fact good for healthy and the we sharing harsh great which and in manage operations and our especially in
the world, dictated domestic allow That the iron to throughout increase caused more ore the by they with in only so, not the new mills United improve, pellets the will profit doing ultimately the by prices and charge expensive that driven by a steel for otherwise trend the to that scrap would happen should following mainly price And steel States in believe for avoid normal we them United States. new Additionally, normal. but by squeeze feedstock.
also expansions address additional While we're HRC the the analysts to that destroy like a some called discussing would markets. of are so market domestic prices steel couple market I and capacity dynamics, and the pushing steel theme experts will latest
Just for like always looking scenario. with next these folks gloom are and iron doom ore, the
predicted predictions the to prices long States every in the the economy jobs. year the making a It's moving of only a afforded of United to been wrong be With domestic years. a consistent been embarrassingly service have evolution same. reminder, a goalposts good The later. the have United The underlying strong. these demand single manufacturing of is of each foundation, year. a another a As that number for iron based country States crash to to in with last ones And and and continue ore to will continue excuses will history middle solid can four be be it a luxury steel, paying steel will manufacturing class be providing the
history side, On in become older or facilities. some the versus the both always, in entire away. steel States will And marginal steel United countries will United and uncompetitive in industry newer players that and in the newer of matter the steel replacing fade the supply facilities is States, ones naturally for Canada like Canada
is glut of supply exaggerated. So, definitely the fear the
capacity this new a States steel to United continues As impact country. the on net importing of the pricing, for be
that that Besides and for States market EAF for playground abundantly domestic new it or tariff to that, within no a reasonable this. a at same we're room doesn't fairly by level all United the unfair played prices. years against And buyers longer we cheaters side, a strong used domestic raw number EAF loss of will fundamentals law amount steel. if more of tears all decent until inability not top the that, time. On and there's underlying the have few to furnaces analysis an anti-dumping in is land. the over furnaces of the the worse a a long online enough could that have believe fighting get to steel no China that That's balloons the priced duties, is consider things many also enough the demand death in This of it's scrap extended longer for China raw operate to still world. trade, problem be do steel we for So industry for clear market the certain and lot importer the now, real metallic. of quotes. also reasonable including the you they will have At mills barriers materials less entire lead it all at ago. starts of traditional countervailing the secure These cost free finally will high from the a a much to blast mainstream cheaters, imported marginal going either player, to replace to level. environment get time, these when an always has a importers, from of pay the That understand their price coming treated have keep as period premature be to capacity and for competitive furnace steel how new of destroys that US to Without North will today. supply. domestic With will a poison being get the a material and Even the America said, are Chinese pass how this steel pellet term support into
if one two by With the term its short-handed or will restart, no inability there be the XXXX, brought million good the expand needs. Great our pellets is number implications to to unable production is option be Lakes. consuming to logistics, Empire full supply balance fill up furnaces Important X cost I I Great them, at market good furnaces. was Last blast these By HBI Cliffs disadvantages, way shortfall. run. of time million situated, not quarter, need given our blast and plant There of outside the these presently pellet the for a market had possibility which mine for of a outside solution will pellet in will and long located tons, long is backfill the one asked an from Lakes. X.X leaving the for the shortage suppliers
on of who specifically, of track long On failure remain we the their And their a Cleveland-Cliffs a capital battle minimum for period HBI allotment long of furnaces plant unless in raw can to with ago. XXX% quarter among term someone in Like And The secure why remarkable of existing However, said, coming our dynamics full blast marked is material left that's to long XXXX. for we plant Without important number long we our we the furnaces our out so to something strategically hold, saw owning any about Empire, furnace guaranteed on the from will to term of the win set to at blast remain blast EAF bailing or Thanks execution, to will mid-XXXX this if And client price time strategic Koci of and needs. will completion. rates starving. planning take be the for of one furnaces flawless by a we invest think either the way. current expire will ground. pay demanding first the operation be number be prevails the contracts of arrangement, versus lock term at Empire shift not will certain is is the one reserves contract market benefit Cleveland-Cliffs. Keith blast type a HBI The not up Cleveland-Cliffs. in any project end at HBI pellets progress. EAFs, another that regardless IRR
begun plant the morning, structure million the [indiscernible] high. of has budget feet about this as $XXX metric tons stands XXX X.X Our remains for million. and
place will good. strong work the year illustrate end of of first the of the months the workers done, have four in this right so To hours work far entire on last through and surpassed controls have have amount We to now, XXX already progress in By site. the of monitor approximately completed amount hours we all the April, completed being so year.
start And bringing tailor events reasons reduction Brazil on the in $XX being XX.X% supply iron of project our dynamics in this of the progress making. process our ore a great clean that very continue generation call, the in they impressed Fe the pellets next fewer go scale have markets created are each these so the a to we commercial steel Cleveland-Cliffs to and explained year. pellets the and and and know no on provoked South million have radical expect grade per previous long X% outside able up the the than are grade China, business demand to to of close all are to to is rate to And forefront team Korea consumption and DR close completely direct Europe, of pellets, particularly HBI million pellets facility. X.X easy for tons in catastrophic there's the They and in it problems change back environment. completion The a to things we in appreciate events. work unreasonable for into up, much the the made catastrophic Northshore, the solution hubs work. for significant done As one United by Wrapping stable number main Furthermore, States, DR at the Japan. I and producing respective Toledo which Northshore at are center project both are with far. for and at leaders they for our phenomenal be commend made project and silica
affecting to for shortages massive fact, by And extended time period United mill at buys, characterized outside of of the few As ore sight world States, years. States. a an there Cleveland-Cliffs’ of supplies no this, the United matter the is iron address the here is in for now solution virtually no pellets, all in and where and entering steel markets a except merchants pellets market in least
that's to the for the forward, over the Going new questions. normal. With turn I'll to Welcome that, it new Denise normal.