$X $CLF is a better play than X. It has been supplying high grade IO pellets for MT 3 largest furnaces on the Lakes. It will be getting 232 tariff support on (GOES) grain oriented electrical steel for use in electrical infrastructure. Couple this with Trump’s executive order to keep foreign manufacturers out of our electrical grid and this is a big win for CLF as they produce about 250k tons of GOES for USA. The new Hot Briquette Iron (HBI) Plant will be a cash cow to supply EAF mills and optimize their furnaces. With scrap not being generated having HBI will be a bonus for an EAF. Sprinkle in the fact that all of Venezuela’s HBI is off the market and the price gets spicier. Even better is that the auto restart has happened and sales are almost back to normal.