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