Cleveland-Cliffs Announces Executive Management Promotions
August 30 2021 - 7:00AM
Business Wire
Cleveland-Cliffs Inc. (NYSE: CLF) today announced the
promotion of three key leaders at the executive level, effective
September 1, 2021. The announcement comes as Cliffs seeks to
broaden its already robust raw material portfolio by expanding its
scrap recycling presence, an activity that will fall under a newly
created division named Cleveland-Cliffs Services. The ongoing steel
business stays within Cleveland-Cliffs Steel, an already existing
Cleveland-Cliffs Inc.’s division.
- Clifford T. Smith, currently EVP, Chief Operating
Officer, has been promoted to EVP & President,
Cleveland-Cliffs Steel. He will continue to lead operations and
commercial for all business segments including Steelmaking, Tooling
and Stamping, and Tubular Components.
- Keith A. Koci, currently EVP, Chief Financial Officer,
has been promoted to EVP & President, Cleveland-Cliffs
Services. He will assume corporate responsibility for
procurement, logistics, IT, and scrap recycling. He will lead the
growth of Cliffs’ raw material portfolio, with a primary emphasis
on expanding Cliffs’ presence in the domestic scrap recycling
market.
- Celso L. Goncalves, currently SVP, Finance &
Treasurer, has been promoted to EVP, Chief Financial
Officer. He will lead the financial organization for
Cleveland-Cliffs Inc., assuming executive responsibility for
Finance, Accounting, Tax, Treasury and Investor Relations. He will
also continue to lead key strategic corporate and business
development initiatives.
All three individuals will report directly to Lourenco
Goncalves, Cleveland-Cliffs Inc. Chairman, President and CEO, who
said, “Today’s announcement represents the formation of the ideal
leadership structure for our recently transformed company going
forward, with promotions to the three members of my core team.
Cliff Smith, Keith Koci and Celso Goncalves have been critical
contributors to our remarkable transformation over the past two
years, and I will rely on them to continue to execute on our
strategic objectives. I plan to be in this seat for the long term,
and the collaboration of these three executives and their work with
me are paramount to the continued success of our company.”
Mr. Goncalves added, “First, Cliff has been and will continue to
be my second in command at Cleveland-Cliffs, and the success of the
integration of our two major acquisitions speaks to his effective
leadership. Second, in this new era of steel decarbonization, scrap
will become precious metal, and Keith’s deep background in M&A
makes him the perfect person to lead this venture. And finally,
through his successful career both in investment banking and here
at Cliffs leading our capital structure transformation initiatives,
Celso has perfected the skills I need in a CFO at this time.”
Executive Biographies
Clifford T. Smith joined Cleveland-Cliffs in 2003, and
has served as Executive Vice President, Chief Operating Officer
(January 2019 – present); and Executive Vice President, Business
Development (April 2015 – January 2019). Prior to these roles, he
has also held various senior management positions including
oversight of Seaborne Iron Ore, Latin American Operations and
Cliffs Michigan Operations. Prior to joining Cliffs, Mr. Smith held
mine management positions with Asarco, Southern Peru Copper
Corporation, and Amax Coal. He received a B.S. in mining
engineering from the South Dakota School of Mines and
Technology.
Keith A. Koci joined Cleveland-Cliffs in 2019, and has
served as Executive Vice President, Chief Financial Officer for his
entire tenure. Prior to joining Cliffs, Mr. Koci served most
recently as Senior Vice President and Chief Financial Officer for
Metals USA. He also previously held the roles of Senior Vice
President, Business Development; Vice President, Corporate
Controller; Director of Budgeting; and Regional Controller for
Metals USA. Mr. Koci graduated from the University of Illinois –
Chicago with a B.S. in Business Administration.
Celso L. Goncalves joined Cleveland-Cliffs in 2016, and
has served as Senior Vice President, Finance & Treasurer (March
2020 – Present); Vice President, Treasurer (December 2017 – March
2020); and Assistant Treasurer (September 2016 – December 2017).
Prior to joining Cliffs, Mr. Goncalves worked in Investment Banking
at Deutsche Bank in New York and at Jefferies in New York and São
Paulo, Brazil. Mr. Goncalves earned his M.B.A. from the Tepper
School of Business at Carnegie Mellon University and his B.S. from
the Marshall School of Business at the University of Southern
California.
About Cleveland-Cliffs Inc.
Cleveland-Cliffs is the largest flat-rolled steel producer in
North America. Founded in 1847 as a mine operator, Cliffs also is
the largest manufacturer of iron ore pellets in North America. The
Company is vertically integrated from mined raw materials and
direct reduced iron to primary steelmaking and downstream
finishing, stamping, tooling, and tubing. The Company serves a
diverse range of markets due to its comprehensive offering of
flat-rolled steel products and is the largest supplier of steel to
the automotive industry in North America. Headquartered in
Cleveland, Ohio, Cleveland-Cliffs employs approximately 25,000
people across its mining, steel and downstream manufacturing
operations in the United States and Canada. For more information,
visit www.clevelandcliffs.com.
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