Cleveland-Cliffs Inc. announces new Chief Financial Officer

CLEVELAND (WLUC) - Cleveland-Cliffs Inc. (NYSE: CLF) announced Tuesday that Keith A. Koci has been appointed Executive Vice President, Chief Financial Officer of the company, effective immediately. Koci replaces Timothy K. Flanagan, who will be leaving the company, effective immediately.

Koci joins Cliffs from Metals USA Holdings Corp., where he served most recently as its Senior Vice President and Chief Financial Officer. Prior to that role, Koci served as Metals USA’s Senior Vice President, Business Development from 2006 to 2013; its Vice President, Corporate Controller from 2004 to 2005; its Director of Budgeting from 2003 to 2004; and its Regional Controller of the Flat Rolled Group from 1998 to 2003.

Regarding the departure of Flanagan and the appointment of Koci, Cleveland-Cliffs’ Chairman, President and Chief Executive Officer, Lourenco Goncalves, stated, “I appreciate the work done by Tim Flanagan during the last several years with Cleveland-Cliffs. We accomplished many great things with Tim serving as an important part of the team, and I wish him the very best in his future endeavors. I am also very pleased that Keith Koci will relocate to Cleveland and, once again, work side-by-side with me. Keith was instrumental to me at Metals USA, through listing the company’s stock on the Nasdaq in 2003, taking it private in 2005, then IPO’ing it in 2010, and finally selling it to a strategic buyer in 2013. Additionally, during the ten-year period we worked together at Metals USA, Keith was my key player in the execution of several strategic acquisitions, each one with a different level of financial complexity. I believe Keith Koci is, at this time, the right person to lead Cleveland-Cliffs’ Finance Department.”

About Cleveland-Cliffs Inc.
Founded in 1847, Cleveland-Cliffs Inc. is the largest and oldest independent iron ore mining company in the United States. We are a major supplier of iron ore pellets to the North American steel industry from our mines and pellet plants located in Michigan and Minnesota. By 2020, Cliffs expects to be the sole producer of hot briquetted iron (HBI) in the Great Lakes region with the development of its first production plant in Toledo, Ohio. Driven by the core values of safety, social, environmental and capital stewardship, our employees endeavor to provide all stakeholders with operating and financial transparency. For more information, visit http://www.clevelandcliffs.com.