Jul. 22: Cleveland Cliffs CEO doesn’t see slowing in steel demand, which remains ‘excellent’
“Demand is relentless,” Cleveland Cliffs CEO Lourenco Goncalves tells ‘Closing Bell.’ He expects any infrastructure bill passed by Congress will boost the steel industry even more than it’s already been this year. “We will continue to work to reward our shareholders,” he adds.
Jun. 23: Cleveland-Cliffs Awarded by General Motors GM’s Supplier of the Year for Fourth Straight Year
Cleveland-Cliffs Inc. was named GM Supplier of the Year by General Motors during a virtual ceremony honoring the recipients of the company’s 29th annual Supplier of the Year Awards on Tuesday, June 22, 2021. This is the fourth consecutive year Cleveland-Cliffs/AK Steel has received the award.
GM recognized its best suppliers from 16 countries for their performance in the 2020 calendar year. The annual awards highlight global suppliers that distinguish themselves by exceeding GM’s requirements, in turn providing GM customers with innovative technologies and among the highest quality in the automotive industry.
Jun. 9: Cleveland-Cliffs Holds Ribbon Cutting Ceremony at Direct Reduction Plant in Toledo
Cleveland-Cliffs Inc. celebrated the initial six months of continued operation and production of hot-briquetted iron (HBI) at the Company’s state-of-the art Direct Reduction plant in Toledo, Ohio. Cliffs’ Chairman, President and Chief Executive Officer Lourenco Goncalves hosted Ohio Governor Mike DeWine for a ribbon cutting ceremony on site. The plant employs nearly 160 employees.
Jan. 19: Cleveland-Cliffs Donates $1 Million to Address Food Insecurity in Over 35 Communities Across North America
Cleveland-Cliffs Inc. (NYSE: CLF) announced that its philanthropic organization, The Cleveland-Cliffs Foundation, has made several commitments totaling more than $1 million in cash contributions to several food distribution organizations in the local communities where the Company operates throughout the United States and Canada. The Foundation plans to distribute the majority of its funding immediately.
Cleveland-Cliffs is collaborating with 44 food distribution organizations in over 35 communities across the United States – in Ohio, Alabama, Kentucky, Illinois, Indiana, Michigan, Minnesota, North Carolina, Pennsylvania, and West Virginia – as well as in the Province of Ontario, in Canada. The Company’s total contribution is estimated to provide up to 10 million meals, which is based on guidance from hunger-relief organizations in the United States.
Dec. 9: Cleveland-Cliffs Completes Acquisition of ArcelorMittal USA
Cleveland-Cliffs Inc. announced that it has successfully completed the acquisition of substantially all of the operations of ArcelorMittal USA LLC and its subsidiaries (“ArcelorMittal USA”), forming the largest flat-rolled steel producer in North America. On a full-year 2019 basis, the combined Company generated pro-forma revenues of approximately $17 billion and combined adjusted EBITDA of approximately $1.7 billion, including previously disclosed expected synergies.
In connection with the acquisition of ArcelorMittal USA, which includes the interests of ArcelorMittal USA of 60% in I/N Tek L.P. and 50% in I/N Kote L.P., Cleveland-Cliffs also acquired Nippon Steel Corporation’s remaining interests of 50% in I/N Kote and 40% in I/N Tek, for a total consideration of approximately $183 million. With this additional transaction, Cleveland-Cliffs becomes the sole owner of 100% of I/N Tek and I/N Kote, which generated a combined $121 million of adjusted EBITDA in 2019.
AK Steel, a wholly-owned subsidiary of Cleveland-Cliffs (NYSE: CLF), was named GM Supplier of the Year by General Motors for Raw Materials during a virtual ceremony honoring the recipients of the company’s 28th annual Supplier of the Year awards on Wednesday, Jun. 24, 2020.
GM’s Supplier of the Year award is reserved for suppliers who distinguish themselves by meeting performance metrics for quality, execution, innovation, and total enterprise cost. AK Steel produces a unique product mix of carbon, stainless and electrical steel products for automotive solutions and this is the third consecutive year that the business has received the award.
You can read the complete press release about the award in the "News" section of our website.
Cleveland-Cliffs Applauds Section 232 Investigation on Transformer Laminations and Cores, Electrical Transformers and Transformer Regulators
Cleveland-Cliffs praised the U.S. Department of Commerce’s self-initiation of an urgent Section 232 investigation covering laminations for stacked transformer cores, stacked and wound transformer cores, electrical transformers, and transformer regulators.
Cliffs CEO Lourenco Goncalves said, “We are confident that this self-initiated investigation will reinforce the critical nature of ensuring a reliable domestic supply of GOES to support electric power distribution, and will address the circumvention of national security tariffs involving transformer laminations and cores of GOES. Cleveland-Cliffs greatly appreciates the bipartisan leadership of Senator Rob Portman, Senator Bob Casey, Senator Sherrod Brown, Congressman Mike Kelly, Congressman Troy Balderson, Congresswoman Marcy Kaptur and other Congressional leaders who helped facilitate this path forward, as well as the great support from our Union partners with the United Auto Workers. The integrity of America’s electric grid and over 1,400 family-sustaining jobs at AK Steel’s Butler Works in Pennsylvania and Zanesville Works in Ohio depend on speedy resolution of this investigation.”
Lawmakers Urge President Trump to Preserve American Electrical Steel Industry
U.S. Representatives Mike Kelly (R-Pa.), Marcy Kaptur (D-Ohio) and Troy Balderson (R-Ohio) were joined by a bipartisan group of lawmakers to urge President Trump to address the unfair trade practices that are threatening AK Steel’s electrical steel business. AK Steel, a wholly-owned subsidiary of Cleveland-Cliffs, is the last remaining producer of electrical steel in North America.
In the letter, the Representatives expressed concern that some bad actors are intentionally avoiding national security tariffs imposed on imports of grain-oriented electrical steel under Section 232. Cleveland-Cliffs CEO Lourenco Goncalves made clear to Secretary of Commerce, Wilbur Ross, that unless this circumvention is immediately addressed, the company will have no choice but to close AK Steel plants in Butler, PA and Zanesville, OH, which threatens more than 1,500 jobs and the security of America’s power grid.
Cleveland-Cliffs CEO Testifies at Congressional Steel Caucus Hearing
Cleveland-Cliffs Chairman, President and CEO Lourenco Goncalves was one of several executives who delivered testimony to the Congressional Steel Caucus today, impressing the need for a U.S. infrastructure plan and continued enforcement of trade policies to protect the American steel industry.
Lourenco Goncalves, Chairman, President and CEO of Cleveland-Cliffs, was interviewed live on CNBC's "Closing Bell" on October 23. He discussed the effect of China on the global economy, the steel tariffs and the importance of U.S. manufacturing.
The interview can be watched on Cleveland-Cliffs’s YouTube channel.
Cliffs CEO Lourenco Goncalves Meets Dr. Peter Navarro at White House
Cliffs Chairman, President and CEO Lourenco Goncalves recently traveled to Washington D.C. to meet with Dr. Peter Navarro, Assistant to the President and Director of the Office of Trade and Manufacturing Policy.
During the meeting at the White House, Mr. Goncalves and Dr. Navarro discussed the trade distortion caused by China’s polluting steel industry, as well as Cleveland-Cliffs’ investment of more than $1 billion to produce DR-grade pellets in Minnesota and HBI in Toledo, Ohio.
Northshore DR-Grade Pellet Project Ribbon Cutting
Cleveland-Cliffs held its ribbon-cutting ceremony for its expansion at Northshore Mining in Silver Bay, Minnesota on August 6.
Cliffs is celebrating the startup of the new production equipment, including supporting infrastructure, which was completed on schedule and within a total investment budget of $100 million. The Company invested in upgrading the concentrator building, a new scavenger building, new conveyor systems, a limestone tank and a steam generating plant to support large-scale commercial production of DR-grade pellets.
Cleveland-Cliffs broke ground for the project in March 2018, and the execution of the project concluded after nearly 500,000 labor hours of work. The project employed 150 people at peak construction, which included management, craft and labor.
Northshore Mining is now the only U.S.-based iron ore processing facility to produce low silica DR-grade pellets. The Northshore operation is producing DR-grade pellet feedstock inventory for Cliffs’ Hot Briquetted Iron Plant in Toledo, OH, which will be commissioned in mid-2020.
Cliffs Chairman, President and CEO Lourenco Goncalves was interviewed as part of a CBS 3 Duluth "Eye on Mining" feature on the DR-pellet project underway at Northshore Mining. When the project is completed in mid-2019, Northshore will be able to produce up to 3.5 million long tons of DR-grade pellets. It will be the only facility in the United States capable of producing both DR-grade and regular blast furnace iron ore pellets.
You can watch the interview on CBS 3 Duluth’s website.
United Taconite Project Mustang Pellet Plant Groundbreaking
Cliffs Natural Resources held a groundbreaking ceremony at United Taconite to celebrate the future production of a superflux Mustang pellet for the Company’s largest customer, ArcelorMittal. Cliffs is investing in building new assets to support the customized iron ore pellet, including a storage facility, new silos, a limestone crusher and new conveyors.
The project will take approximately eight months and involve an estimated 200,000 hours of labor during construction. Cliffs is on track to deliver the Mustang pellets to ArcelorMittal starting next year.
Shown in the picture (l-r): UTAC General Manager Santi Romani, Congressman Rick Nolan, Cliffs Chairman, President & CEO Lourenco Goncalves, Minnesota Governor Mark Dayton, USW Local 6860 President Brian Zarn, and EVP, USIO Terry Fedor.
Cliffs CEO on CNBC: China is biggest problem for steel oversupply
Despite China signaling moves to cut its excess steel production capacity, industry chiefs say the country has declared a metals "war" that has had a "devastating" impact for the rest of the world's industry. Cliffs CEO, Lourenco Goncalves, explains to CNBC why it's time to take action on the glut in the steel market.
Cliffs CEO Lourenco Goncalves joined executives from six steel giants as a panelist for AISTech's Town Hall Forum as part of a weeklong conference sponsored by the Association for Iron and Steel Technology. During "Steel's Resolve: Overcoming the Excess," the executives explored the challenges — and discussed the opportunities — that lie ahead for the domestic steel industry. The global steel industry was challenged by excess capacity, excess production and excess imports in 2015. Despite a recovering construction market and a record year for auto sales, the headwinds buffeted steel producers.
Minnesota Sen Amy Klobuchar met with workers and company leadership at Cliffs’ Northshore Mining, which was recently reopened after having been idled in December. Klobuchar toured the facility and met with workers now back on the job. More than 400 workers at Cliffs Natural Resources ‘ Northshore Mining are back to work this week – Northshore’s facilities in Silver Bay and Babbitt are expected to be fully staffed by early next week.