7 billion with a 10% is 70 billion, at $12.5 per share; regarding CLF, not talking means the $12.5 price is unacceptable, more money is needed. This is consistent with the situation when LBRT was at $11, where capital or the company itself set the price; CLF's value midline is above $12.5.

Returning to fundamentals, previously Brother Chive asked me a question: will CLF achieve breakthrough growth? My answer was no. CLF is on a slow bull path, more about following structural demand, continuously shifting the value midline upward, with slow growth recovery, losses gradually narrowing and profits slowly increasing.

On this point, SCCO's advantage is actually similarly interesting. CLF is based on the entire industrial chain, while SCCO is based on the best ore grade; but similarly, both have structural demand. Even the irreplaceability and certainty of electrical steel and structural steel might be slightly greater than that of copper and aluminum. HDC is rising, but the current prices of related companies haven't reflected this yet.

Macroscopically, the Fed's next chair is Warsh; furthermore, rising production costs will push the central axis of metal processing upward. The pricing space within this rising central axis is determined by companies like Cleveland. It looks like a bearish factor, but is actually a bullish one, though, of course, the final cost is borne by the buyer. Looking at semiconductors and downstream application niches from this perspective allows for deduction.