Posted on 07 Sep 2023
As part of the activist hedge fund's board takeover in 2014, Cleveland-Cliffs' CEO Lourenco Goncalves positioned the company as an outlier in an industry moving toward cleaner and cheaper electric arc furnaces.
As part of his strategy, he acquired companies with blast furnaces to transform Cliffs from a coal and iron ore miner to the largest automotive steel supplier in North America.
Currently, he is looking to acquire U.S. Steel, the last firm operating a blast furnace in the US that has been gradually shifting to electric arc furnaces, or mini-mills. If Cliffs' US$7.3 billion cash-and-stock bid can prevail, it would enter the rank of the world's top ten largest steel producers.
Source:Yieh
