Cleveland-Cliffs reiterates EV future vision

Cleveland-Cliffs reiterates EV future vision Cleveland-Cliffs ceo Lourenco Goncalves emphasised the company’s position as a leader in the automotive sector on the company’s 22 July earnings call. As a top steel producer, the company will be integral in the supply chain of electrified vehicles, he says.

“I can see trends. The orders are starting to come more consistently. The unexpected shutdowns are gone. The announcements of new EVs from the likes of our clients, each one of them. You pick one, and we are there,” explains Goncalves.

Goncalves testified in a hearing before the US Steel Caucus this month. There, he expressed his support for the passage of the CHIPS bill, which would offer financial incentives for semiconductor manufacturing in the US. Semiconductor supply chains were disrupted by Covid-19, and delayed US manufacturing of electronic vehicles.

Cleveland-Cliffs earned $601 million on sales of $6.34 billion during Q2. This is a decrease from the company’s Q2 performance last year, when earnings totalled $795m on sales of $5.05 billion. Cleveland-Cliffs has been actively reducing its debt, Kallanish understands.

Kristen DiLandro USA