Photo by: Bloomberg
TORONTO (miningweekly.com) – US iron-ore and coal producer Cliffs Natural Resources on Thursday reported that its newly reconstituted board had appointed Lourenco Goncalves as chairperson, president and CEO, with immediate effect.
Concalves said he would lead Cliffs into “its next chapter, with a keen focus on improving performance and restoring shareholder value”.
The new management also announced in a regulatory filing on Thursday that Cliffs was reversing a decision made by the previous management team to no longer idle the Pinnacle mine, located about 50 km south-west of Beckley, West Virginia.
Concalves noted that Cliffs had a unique position of strength in iron-ore in the Great Lakes region, many valuable assets in other sectors elsewhere in the US and around the world, and talented employees at all levels of the company.
“I look forward to … refocus Cliffs on a new strategic path. While there is much to be done and many challenges ahead of us, there is also much promise. I can assure all of our stakeholders we are hitting the ground running,” he added.
Goncalves replaced Jim Kirsch, who had served as chairperson since July 2013, and Gary Halverson, who served as CEO since February.
He has brought more than 30 years of experience in the metals and mining industries to the Cliffs board, as well as extensive board experience in the US and abroad. He served as chairperson of the board, president and CEO of Metals USA Holdings, an American manufacturer and processor of steel and other metals, from May 2006 to April 2013, and was president, CEO and a director of the company since February 2003.
Goncalves also served as a board member of Ascometal SAS, a manufacturer of special steel headquartered in Paris, France, from October 2011 to April. Prior to Metals USA, Goncalves served as president and CEO of California Steel Industries from March 1998 to February 2003. From 1981 to 1998, he was employed by Companhia Siderúrgica Nacional, a leading steel and mining company in Brazil, where he held several positions in operations and sales.
Goncalves earned an MSc degree in metallurgical engineering from the Federal University of Minas Gerais, in Belo Horizonte, Brazil, and a Bachelor’s degree in metallurgical engineering from the Military Institute of Engineering, in Rio de Janeiro, Brazil.
Cliffs shares closed $0.06 a share lower on the NYSE on Thursday, at $17.09 apiece.