Cleveland-Cliffs aims to up share of domestic prime scrap market

Unites States steelmaker Cleveland-Cliffs plans to increase its share of the US domestic prime scrap market amid increasing demand and the failure of the country’s own manufacturing supply to keep up, the company’s chairman, president and chief executive officer said.

Lourenco Goncalves told a conference call for the Cleveland, Ohio-based company’s third quarter earnings that the company didn’t have a specific target for the increase but said it would be larger than the 15% market share that it currently has.
“I believe we’ll grow this percentage from 15% to a higher number; I don’t know how big, but it’ll be bigger,” Goncalves said on Friday October 22.

His comments come on the heels of Cliffs’ announced...


Andrea Hotter

October 22, 2021

17:32 GMT

New York