https://www.miningweekly.com
Steel
Steel
steel

Cliffs’ CEO calls share buybacks better use of money than deals

23rd April 2024

By: Bloomberg

  

Font size: - +

Cleveland-Cliffs’ top boss says buying back shares make more sense than takeovers — a view that underpins the US steelmaker’s decision to repurchase as much as $1.5-billion in stock.

“Buying our own stock is clearly a better use of capital than any M&A opportunities at current valuations — so that’s our primary focus,” CEO Lourenco Goncalves said Monday in the company’s first-quarter earnings statement.

The CEO’s comment comes about fourth months after Cliffs lost out in a bidding war for United States Steel Corp. to Nippon Steel. Goncalves has been a vocal critic of the $14.1-billion takeover of the iconic American steelmaker by a Japanese company since then, calling it a severe miscalculation.

Shares of Cliffs were down 2.5% at 4:15 p.m. in after-market trading in New York after reporting first-quarter results that missed analysts’ estimates. The Cleveland-based company agreed to renew its buyback program after ending its previous plan to repurchase up to $1-billion in shares.

Edited by Bloomberg

Comments

Showroom

Weir Minerals Africa and Middle East
Weir Minerals Africa and Middle East

Weir Minerals Europe, Middle East and Africa is a global supplier of excellent minerals solutions, including pumps, valves, hydrocyclones,...

VISIT SHOWROOM 
Weir Minerals Africa and Middle East
Weir Minerals Africa and Middle East

Weir Minerals Europe, Middle East and Africa is a global supplier of excellent minerals solutions, including pumps, valves, hydrocyclones,...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Magazine round up | 10 May 2024
Magazine round up | 17 May 2024
17th May 2024

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.21 0.242s - 89pq - 2rq
1:
1: United States
Subscribe Now
2: United States
2: