/biz/ - Business & Finance

>>28635828

Lourenco Goncalves, the chief executive officer of Cleveland-Cliffs, has told investors that he will focus on a quality over volume approach. The Ohio-based company bought AK Steel Holdings Corp. and ArcelorMittal USA assets in 2020.

“Under my watch, Cliffs had never been and will never be tempted by the stupidity of volume for volume’s sake,” Goncalves said on a call with analysts in October. “We will continue to manage our business in the most quality-focused and cost-efficient ways, always reaching for real value and return on invested capital.”

Import prices are already high because of increasing global demand for steel and because of the 25% steel tariffs Trump imposed almost three years ago. But the economics are beginning to make sense: the average tariff and transportation-adjusted import price is currently about $900 a ton, about 25% less than what it costs to buy from U.S. producers, according to Bloomberg Intelligence analyst Andrew Cosgrove.

>>28404190

Jesus

Move to CLF