Reading between the lines: Cash needed urgent!

Cash can't be needed too urgently if they're willing to spend $200m on their own shares.

Of course, this is a smart move. This will help increase their SP. That's probably needed for a number of reasons, the two most important of which are:

1. To provide an immediate short-to-medium term boost to give reassurances that Casablanca is going to be successful in raising the value of the company (but keep in mind that raising the value of the SP and raising the value of the company can be slightly different things); and

2. A higher SP will pay back in multiples if/when Cliffs needs to go to market again.

Oh, the irony (pardon the pun).