'I love you' Goldman Sachs, Cliffs CEO says year after outburst
NEW YORK – A year after Lourenco Goncalves raged against analysts from Goldman Sachs Group, the Cleveland-Cliffs Inc. chief’s acrimony has reversed 180 degrees.
“I love you, you are the best commodity desk I have ever seen in my life,” he said at a conference organised by Goldman on Wednesday. That’s a far cry from last October, when Goncalves told metals and mining equity analyst Matthew Korn “you can run but you can’t hide” and criticized the bank for being “wrong about iron ore prices, years in a row.”
Wednesday marked the first time the chief executive officer of the top US iron-ore producer publicly sat down with Korn since Goncalves questioned the analyst’s calculations for concluding in a note the company “modestly missed estimates.” In their latest interaction, they were cordial to each other.
Goncalves went so far as to say he wanted to “give love” to Jeffrey Currie – who leads Goldman’s commodity research team – now that the bank’s iron-ore price forecast is in line with his company’s estimates.
“I have been critical of the Goldman Sachs commodity desk for years,” he said. “For the first time I was ready to give love to Jeff Currie. The first time in probably 10 years that the Goldman Sachs forecast for iron-ore pretty much matched mine.”
Goldman said in September it sees iron ore at $98/t in the first quarter of 2020, and sliding to $95 in the following three months. The steelmaking ingredient traded at $82.86 in Singapore Wednesday. Goncalves said during the conference that he sees pellet premiums remaining stable at around $50/t.
At the end of the event, Korn and Goncalves thanked each other for their time. “Matthew, thanks a lot, really appreciate it,” Goncalves said.
Comments
The
content
you are trying to access is only available to subscribers.
If you are already a subscriber, you can Login Here.
If you are not a subscriber, you can subscribe now, by selecting one of the below options.
For more information or assistance, please contact us at subscriptions@creamermedia.co.za.
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?
Receive 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)
➕
Recieve 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
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation