C. Lourenco Goncalves – Cliffs Natural Resources, Inc.
Demand for steel in the US is good
“One thing we’ll always be confident in is the resilience of the U.S. economy, and by extension, the health of the domestic steel industry. The steel prices in the United States are at their highest since I have been with Cliffs, and all signs point to a sustained healthy year. The noise about Chinese and domestic steel price arbitrage is irrelevant now with the trade cases we have in place and a strong commitment to enforce them. The reality is demand for steel in the United States is good. Our clients are doing well in their markets, and the measures to curb illegally traded imports have been put in place.”
I don’t think you need to be concerned about trade cases with Wilbur Ross around
“Just to give an idea, Mr. Wilbur Ross was the guy that put together Bethlehem Steel and LTV Steel just after the debacle of the two companies around 2001, 2002. And that was a result of trade case. So, Wilbur Ross knows trade cases very well. So, I don’t know what you’re concerned about”
US sectors are in good shape
“The part of the world that you should be focused on at this point is the United States of America, because our economy is growing. All sectors are in good shape. Some sectors are surprisingly strong at this point like agriculture, like non-residential construction. Automotive has not come down. Actually, we are seeing automotive turning back up. And we have a limited amount of domestically generated steel available for all these uses.”