Cleveland-Cliffs is expanding its raw materials range to include scrap recycling under the Services umbrella while the ongoing steel concerns remain under the Cleveland-Cliffs Steel division. The growth strategy to include scrap processing assets recently revealed by Lourenco Goncalves, chairman, president, and chief executive officer, resulted in the promotion of three crucial leaders. The focus of the new services division is the growth of Cliff’s presence in the domestic scrap recycling segment through acquisitions and organic growth.
Cliff Smith, Keith Koci, and Celso Goncalves have been vital contributors to the growth of the company over the past two years, according to L. Goncalves. Clifford T. Smith, presently executive vice president and chief operating officer, has been promoted to executive vice president and president at Cleveland-Cliffs Steel. Keith A. Koci, presently executive vice president, chief financial officer, has been promoted to executive vice president and president at Cleveland-Cliffs Services where he will take charge of procurement, logistics, technology, and scrap recycling growth given extensive mergers and acquisitions experience. Celso L. Goncalves, presently senior vice president, finance, and treasurer, has been promoted to executive vice president and chief financial officer.
Davis Index reached out to the Cleveland-Cliffs spokesperson, but answers to questions on the acquisition plans, geographical focus, scrap sales strategy for third parties, if any, and organic growth objectives were not available at this time.
The company is the leading flat-rolled manufacturer in the Americas and the primary manufacturer of iron ore pellets in North America with regionally owned iron ore mines and direct reduced iron facilities.