Steel production recovered as auto plants resumed operations, Cleveland-Cliffs CEO says

  • “We have been through a very profitable quarter and very strong in terms of the recovery of demand particularly in automotive,” Cleveland-Cliffs CEO Lourenco Goncalves told CNBC.
  • “When automotive shut down in this country, we were forced to reduce our output” but “Q3 has been a completely different story,” he said on “Closing Bell.
  • Cleveland-Cliffs, the largest U.S. producer of iron ore pellets, announced a $1.4 billion purchase of the U.S. assets of ArcelorMittal SA, the world’s largest steelmaker.

Cleveland-Cliffs CEO on the decision and timing of its Arcelormittal deal

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Steel production has rebounded alongside the recovery in automotive production this quarter, Cleveland-Cliffs CEO Lourenco Goncalves told CNBC Monday.

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U.S. automakers are sprinting to re-stock showrooms and get back on production schedule after plants were shut down earlier this year as the country took action to slow the spread of a novel coronavirus.

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China’s remarkable recovered from COVID, says Nissan Motor CEO

While conditions have improved vastly from lockdowns that froze economic activity in the country where the pandemic erupted, the Beijing autoshow is a far cry from the usual ebullience as fewer attend, new models are scant and prospects remain uncertain.

Doubts remain over the durability of the recovery, but the focus for now is on bright spots such as strong demand for mid-sized to large luxury vehicles and a flood of interest – and investment – in electric vehicles.

“The recovery in the Chinese market has been very remarkable, and our key segments have returned to the previous year’s level if not slightly better,” Nissan Motor Co CEO Makoto Uchida told a news conference via a video link from Japan.

“I expect this rebound to continue, but we need to watch for signs of trouble,” said Uchida, who announced Japan’s second-biggest carmaker would launch a number of new vehicles in

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Norvin Nazari Is The Founder And CEO Of The Modi Auto Group Dealership, Which Is Changing The Automotive Industry In The United States

NEW YORK, NY / ACCESSWIRE / September 24, 2020 / The automotive industry has been an important source of work for many years in world economies. Norvin Nazari is the founder and CEO of the Modi Auto Group dealership, which is changing the automotive industry in the United States.

The U.S.′ automotive industry is one of the biggest ones since all of us sooner or later have the need to acquire a vehicle, either to move to our workplace, school, university, or to use it for long trips. However, sometimes the act of buying a car at dealerships becomes something tortuous, especially now with COVID-19. But Modi Auto Group is changing this.

Norvin was born and raised in Los Angeles, California, in a Persian-Armenian home. From a young age, Norvin was involved in the automotive industry simply by accompanying his father as he changed cars every now and then.

“I

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