International Steel Prices
November 1, 2016
Cliffs CEO Goncalves “Service Centers are their Own Worst Enemy”
Written by John Packard
On Thursday (October 27, 2016) Cliffs Natural Resources conducted their 3rd Quarter 2016 earnings conference call with analysts. During the call Cliffs CEO Lourenco Goncalves made statements regarding steel service centers which he reported as importing “illegal steel,” thus hurting the domestic steel industry. He also pointed out that service center inventories were “dangerously low” and in the process weakening the domestic steel mill order books.
This morning (Tuesday, November 1st) Steel Market Update asked Mr. Goncalves if he could clarify his positions for us so our readers could better understand and appreciate his comments.
