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Cleveland-Cliffs Preparing for Transformational Year

Updated: February 20, 2020 06:40 PM

"2020 will be the most transformational year in our 173 year history," Lourenco Goncalves said on Thursday on the company's 4th quarter earnings call. The CEO of Cleveland-Cliffs said they are excited about the big changes.

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One is the acquisition of AK Steel. That company serves the automotive market, which is seeing a big push towards electric vehicles. "With AK's unique technical expertise, we are the best positioned company to supply what's needed for this change of the fleet, from traditional engines to EVs," Goncalves said.

The other major change is the start-up of the HBI facility in Toledo. That is slated for June. DR grade pellets made at Northshore Mining are feeding that plant. 

"Cleveland-Cliffs has spent more than $1 billion dollars to develop a new use for taconite iron ore from Minnesota's Iron Range," Goncalves said. The HBI will replace imported pig iron from Russia and Ukraine.

As for the traditional mining and pelletizing they do, he said it remains steady and reliable.

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