Cleveland-Cliffs Inc (NYSE:CLF) promoted Celso Goncalves to President and CFO and added him to the board while CEO Lourenco Goncalves stays, as Q2 saw hot‑rolled coil ASPs jump to $1,124/nt with a shift to higher‑margin mix and multi‑year auto contracts, prompting GLJ to upgrade CLF to Buy and lift its $15.60 target.
Previous Week Recap
- Cleveland-Cliffs Inc Promotes Celso Goncalves: Cleveland-Cliffs (CLF) promoted Celso Goncalves to President and CFO and added him to the board; Lourenco Goncalves stays CEO. Celso joined CLF in 2016 and was EVP/CFO since 2021.
- Cleveland-Cliffs Q2 Hot-Rolled Prices Rise: Cleveland-Cliffs (CLF) Q2: hot‑rolled coil prices up ~19%; ASP $1,124/nt; mix shifted to higher‑margin hot‑rolled/coated; idling sites, plate consolidation; multi‑year auto contracts cover ~40–45%.
- GLJ Research Upgrades Cleveland-Cliffs Inc: GLJ Research upgraded Cleveland-Cliffs Inc (CLF) from Neutral to Buy and raised its price target for Cleveland-Cliffs Inc (CLF) to $15.60 per share from $15.01.
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