Cleveland-Cliffs CEO: Trade enforcement in U.S. ‘working exactly as intended’

CEO Lourenco Goncalves said: “Trade enforcement in the United States is working exactly as intended, with steel imports at their lowest levels since the global financial crisis. Recent actions related to derivative products have brought needed clarity to the market, supporting manufacturing in the United States and creating new jobs for American workers. Additionally, we continue to request the Canadian government to further enhance its own defenses toward the achievement of what we call both in Canada and the United States ‘Fortress North America.’ At this point we feel encouraged by the level of understanding demonstrated by key Canadian officials to the urgency of resolving the problem and preserving Canadian jobs currently at risk. Ongoing disruption in the Middle East has made Cliffs’ competitive position stronger and underscores why global steel producers want to partner with Cleveland-Cliffs (CLF). While the current situation has not helped the timeline of a potential deal with POSCO, we continue to negotiate in good faith within the framework of our MoU toward a transaction that is accretive for our shareholders and fully reflects the value of our assets, our market position, and the strength of the U.S. steel demand.”