Because the previous owners didn't have a CEO with the skill set and experience to realise what they had, a DRI pellet ore that is needed by so many mills to offset their emissions targets.
Paul Berend has since then set a plan and a programme which has to a great extent been achieved and now is on the cusp of being incorporated into the plans of a major iron ore monolith.
There is your added value, the U$2bn is a capex number, not the price a company would need to pay to take over CLE.
If you assume that they need to pay up to 50c Aussie with say an average of even 40c, then the number your looking at is nearer U$250m.
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