Cleveland-Cliffs Inc at Credit Suisse Basic Materials Conference Transcript
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Q2 results. We showed $249 million of EBITDA in Q2 alone. So the business has been performing well and performing in a positive way. Define the cyclicality, showing that management matters. The way we manage, the way we implement or do not implement a winning strategy or a not winning strategy matters in this business. Not just the commodity. It's not just, "Oh, this is bad, so that's the outcome we're going to get." So EBITDA has been in an upward trend.
Same thing with debt and annual interest expenses. Net debt was high when I first joined the company. $3.1 billion of net debt, debt minus cash on hand. That was the last publicly reported number before I joined the company. Am I on the way of the -- I believe I am, so I'll move here. Better now. So net debt was high. And at the time, for the ones that have been following Cleveland-Cliffs from that time, you might remember that there was a prevalent idea that Cleveland-Cliffs was -- would not be able to avoid bankruptcy. So the debt was
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