Cleveland-Cliffs CEO Says Focus After ArcelorMittal Deal is Emissions
- Goncalves says he will begin cutting emissions with new mix
- Cliffs also suggests he’ll avoid labor cuts after deal
This article is for subscribers only.
The head of Cleveland-Cliffs Inc. sees an “era of clean steel” ahead, and its main focus will be on cutting carbon emissions as it expands production of the metal with a second major acquisition this year.
Cliffs, which on Monday said it will purchase the U.S. operations of ArcelorMittal SA for $1.4 billion, plans to change the mix of raw materials going into the newly acquired blast furnaces, Chief Executive Officer Lourenco Goncalves said in an interview. While those furnaces typically use iron ore pellets and coking coal, the Ohio-based company will substitute hot-briquetted iron for some of the pellets, allowing them to use less coal, he said.