Question-and-Answer Session
Operator
Thank you. (Operator Instructions). And we'll take our first question from Michelle Applebaum with MAR.
Michelle Applebaum - MAR
Hi, Good morning everyone.
Keith Busse
Good morning.
Richard Teets
Good morning.
Michelle Applebaum
First of all to your credit, for doing the very first conference call of this season; can't be easy. And I think withdrawing guidance at this point, specific EPS guidance is prudent. Theresa, you went through the cash flow very clearly, but I just wanted to be clear on it. And while I have no credit concerns, I wanted to go over some of those numbers. You are saying your maintenance level for CapEx is $70 million for '09 and $100 million of projects?
Theresa Wagler
No, that's not what I said. I'm sorry, let me clarify. I said that for 2009 currently which is very preliminary and I wouldn't call it maintenance CapEx, I would say we've identified projects of $100 million for 2009 in addition to the $70 million which we would need to complete the second caster at that structural mill, and in addition to the $200 million to $210 million that we'll invest for the completion of the Mesabi Nugget plant. So the total is I think somewhere between $350 million and $375 million.
Michelle Applebaum - MAR
So does the 100 include maintenance level?
Theresa Wagler
Yes.
Michelle Applebaum - MAR
Okay. And in terms of these items, I presume the $70 million you are locked into, and the 210 you are locked into. Is there a discretion on the 100?
Theresa Wagler
Absolutely.
Michelle Applebaum - MAR
Okay. How much of that will be discretionary?
Theresa Wagler
Well, we are just going through our capital budgeting process right now, Michelle, and the ongoing project that we mentioned, even there's much of the equipment and Dick can speak to that. So I would suggest that probably that $70 million we've talked about from the second caster perspective, we will spend. Mesabi Nugget as well we have commitments, they are outstanding.
Keith Busse
She is talking about the $100 million.
Theresa Wagler
Right, the $100 million has not been committed to yet. We are still talking about those projects.
Michelle Applebaum - MAR
Okay.
Keith Busse
There's some good projects in there, Michelle. Lacking more visibility, half of it, roughly.
Michelle Applebaum - MAR
Okay. And Theresa, you say you're in good shape with your covenants.
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