In short: Lebenthal (called out by Al Michaels) sees a turnaround, and makes it his final trade. Management guides to "over 3 billion in EBITDA" next year; a very good last quarter, and "if they have a good quarter this quarter… I think they come out of the penalty box" — hot-rolled coil "well over 1200. They make a lot of money at that." Weiss: from the 1-yard line with 99 to go to "the 10 yard line with 90 to go."
Cleveland-Cliffs is a US steelmaker that has disappointed investors for a long time ("in the penalty box"). Steel prices are now high — hot-rolled coil, a basic sheet steel, is above $1,200 a ton — and management expects more than $3 billion of operating profit before depreciation next year. Lebenthal's point is that one good quarter doesn't win investors back but two in a row can, and the next report comes at the end of October.
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