Steel Products Prices North America
April 25, 2019
Cleveland Cliffs: Welcome to the New Normal
Written by Sandy Williams
The recent mining accident in Brazil leading to lost production of iron ore at Vale is “shaping up to be a multi-year shortage of iron ore and pellets,” said Cleveland Cliffs CEO Lourenco Goncalves during earnings remarks on Thursday.
“The catastrophic events in Brazil have provoked a radical change in the supply-demand dynamics of iron ore and pellets in the main markets and consumption hubs outside the United States, particularly in China, Europe, South Korea and Japan,” said Goncalves. “Furthermore, there’s no easy solution for the significant problems created by these catastrophic events. And it is completely unreasonable to expect things to go back to the previous stable business environment.
