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Sudbury native Gary Halverson has been ousted as president and CEO of Cliffs Natural Resources. Lourence Goncalves was appointed to the top job at the Ohio mining giant and was also named chairman of the board.
In an August 7 news release, Goncalves said he was ready to refocus and lead Cliffs into its next chapter in the company’s 167-year-history on a “new strategic path” with the aim of “restoring shareholder value.”
Goncalves is the former chairman, president and CEO of Metals USA Holdings Corp., a leading American steel and metals manufacturer.
For months, Casablanca railed against Cliffs for its managerial missteps and costly investments in international projects like its Bloom Lake iron mine in Quebec which has been part of a “value-destroying diversification strategy.” The fund campaigned that it would either sell or spin off those international assets.
“No matter what happens corporately,” said Bill Boor, Cliffs’ vice-president of corporate development, “we still believe in the value of this project, one way or the other.”

The gLAWcal Team

EPSEI project

Thursday, 7 August 2014

(Source: The Wall Street Journal)