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Cleveland-Cliffs CEO: 2020 will be a transformational year

(WLUC)
Published: Feb. 20, 2020 at 12:22 PM EST
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The leader of Cleveland-Cliffs says 2020 will be a transformational year for the company, after revenue dropped last year.

In a conference call Thursday, Cliffs CEO Lourenco Goncalves said the acquisition of AK Steel should be finished next month.

In June, Cliffs will become the sole producer of Hot Briquetted Iron (HBI) in the Great Lakes region when its new Toledo plant goes online in June.

There was no mention of the idled empire mine today. Goncalves highlighted Cliffs' current investments.

"Between the Toledo HBI Plant and the upgrade of the North Shore Mine to produce geo-grade pellets, Cleveland-Cliffs has spent more than $1 billion to develop a new use for taconite iron ore from the Minnesota Iron Range," said Goncalves.

Cliffs is looking for momentum after Thursday's financial reports.

Consolidated revenue from the fourth quarter of last year was $534 million, a 23 percent decrease compared to 2018. Revenue for the full year also decreased 13 percent from 2018.

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