ProblemThere's something I find rather disturbing. I just checked over Cleveland Cliff's earnings report. They ship about 63% hot rolled and coated. Their average price in H1 was 1016. In Q 3 30% higher at 1324.
Stelco ships 91% hot rolled and coated averaging 1126 for H1, 2021. If their price for Q. 3 would also increase by 30%, that would be below 1500.
But the Canadian dollar is/was about 24% higher.
Is Stelco reporting sales in US dollars? Or do we get that much less? Either way, if our increase only goes to 1500 max, my earnings estimate goes way out the window. Anyone?