Latest news with #Goncalves
Politico
8 hours ago
- Business
- Politico
Steel plant in Vance's hometown trades clean future for more coal
'After languishing under a Biden-era stranglehold — plagued by unfair foreign competition, job losses, and weakened national security as imports flooded the market and domestic production stalled — the steel industry is quickly roaring back to life,' the White House said in a statement on Tuesday. Under Biden, the Middletown plant was supposed to receive a $500 million federal grant to repower a coal-fired blast furnace in order to produce steel with clean hydrogen and natural gas. For decades, a mist of black soot has blanketed the cars and homes of the people who live closest to the plant. Had the hydrogen plan been implemented, it could have transformed one of the dirtiest steel plants in the country into one of the cleanest. It would have created an additional 200 permanent jobs and 1,200 construction jobs at the plant that now employs about 2,500. The Biden administration wanted the Cleveland-Cliffs plant to spark a new Industrial Revolution in cleaner technologies. 'Clean steel is the future, everyone knows that, and to pretend otherwise is sticking your head in the sand,' said Leah Stokes, professor at the University of California, Santa Barbara, who advised the Biden administration on clean energy policy. 'We can either lead globally and claim a big part of the future of clean industries or we can be laggards and continue to lose to countries like China.' But the market for greener steel in the U.S. has yet to take off at scale. The Biden administration invested in the plant to drive a hydrogen-based manufacturing hub in the region. That's because there is not a viable large-scale clean hydrogen market that could supply multiple industries working to cut carbon pollution. In the Biden administration, Goncalves said he could 'make the hydrogen hub viable.' By Monday, he sounded like Trump in his praise for coal, telling investors his company relied on 'American iron ore and American coal and American natural gas as feedstock, all produced right here in the United States of America.' While Goncalves did not specify how the administration was helping his company with the coal it purchases, Cleveland-Cliffs' bottom line has been boosted by a 50 percent tariff that Trump imposed on imported steel last month — doubling the rate from 25 percent. As with other tariffs, that's a cost largely borne by customers, and the hike already has shown up in the price tag for some vehicles.
CNBC
2 days ago
- Automotive
- CNBC
Cleveland-Cliffs CEO says surge in domestic auto manufacturing is imminent
Cleveland-Cliffs CEO Lourenco Goncalves told CNBC's Jim Cramer on Monday that domestic auto production will ramp up. "In this country, we have eight finishing facilities ready to go. We are ready for the surge that we're going to have in automotive," Goncalves said. "And that's right now — not in two years, not in three years, not in five years. It's right now." Cleveland-Cliffs, which is one of the largest steel producers in the U.S., saw its stock begin to climb two months ago, after President Donald Trump announced he would double tariffs on foreign steel from 25% to 50%. According to Goncalves, Trump is "creating the foundation for a rebirth of manufacturing, particularly automotive." The company posted a better-than-expected quarter Monday morning, which sent shares up. By close, the stock had gained 12.45% and continued to rise in extended trading. Goncalves was critical of the Federal Reserve and its decision not to cut interest rates. He suggested that lower interest rates are necessary to boost the housing market, which he indicated is related to the auto market. He said he doesn't want a poor housing market to "start contaminating the automotive market" at a time when domestic production could heat up. Goncalves said auto manufacturing would be the main driver of his company's earnings growth. "The more we produce cars in the United States, the more we will be able to produce steel," he said. "Because you supply them, and with higher production, we dilute our fixed costs, our costs go down, our margins increase, and that's where my earnings power is." Click here to download Jim Cramer's Guide to Investing at no cost to help you build long-term wealth and invest
Yahoo
2 days ago
- Business
- Yahoo
Cleveland-Cliffs CEO Calls on Canada to Adopt Tariffs on Steel
(Bloomberg) -- Cleveland-Cliffs Inc.'s chief executive Lourenco Goncalves is calling on Canadian Prime Minister Mark Carney to implement punishing steel import tariffs to protect the nation's industry. Why the Federal Reserve's Building Renovation Costs $2.5 Billion Milan Corruption Probe Casts Shadow Over Property Boom How San Jose's Mayor Is Working to Build an AI Capital Salt Lake City Turns Winter Olympic Bid Into Statewide Bond Boom The notoriously combative US executive and vocal public supporter of President Donald Trump said on Monday that Carney and his cabinet should enact 'significant' trade protections for the nation's steel industry. Goncalves, who bought one of Canada's biggest steelmakers last year, blamed foreign imports for hurting the Canadian market, though he didn't blame American steel imports for the trouble. 'That was the main reason why I bought Stelco, because I believe in Canada. The problem is that apparently the Canadians, particularly the Canadian politicians, they don't believe in Canada,' Goncalves said Monday in an earnings call. 'Let's see how Prime Minister Carney will react. He's not a central banker anymore. I don't like central bankers, but now he's a prime minister, so time to step up and do what's necessary for Canada.' The call for stringent levies on steel comes as Canada pushes to relax tariff levels imposed by the US while carving out as many exceptions as possible. The country last week said it will reduce the amount of foreign steel importers can bring into the country tariff-free, a move to help Canadian producers suffering from Trump's levies on the sector. 'Canada can fix themselves. They import an amount of steel into Canada that's equivalent to the size of the Canadian market,' Goncalves said. 'The very first thing they need to tell foreigners, get out of my market.' Canada is the largest foreign supplier of steel to the US, according to US Commerce Department data. Elon Musk's Empire Is Creaking Under the Strain of Elon Musk A Rebel Army Is Building a Rare-Earth Empire on China's Border Thailand's Changing Cannabis Rules Leave Farmers in a Tough Spot How Starbucks' CEO Plans to Tame the Rush-Hour Free-for-All What the Tough Job Market for New College Grads Says About the Economy ©2025 Bloomberg L.P.
Yahoo
2 days ago
- Business
- Yahoo
Cleveland-Cliffs looks to sell idle steel plants to data center developers
This story was originally published on Manufacturing Dive. To receive daily news and insights, subscribe to our free daily Manufacturing Dive newsletter. Dive Brief: Steelmaker Cleveland-Cliffs is looking to sell its idle mills and certain assets to potential buyers, including data center developers, in an effort to reduce its overall debt and rightsize operations, EVP and CFO Celso Goncalves said in an earnings call Monday. The company is in talks with advisor JPMorgan, exploring the potential sale of certain 'non-core' operating assets worth billions of dollars, Goncalves said. It is also hearing from buyers interested in its recently idled mills in Riverdale, Illinois, as well as Steelton and Conshohocken, Pennsylvania. 'These sites…are all uniquely positioned geographically and have what data center developers are looking for — access to power and water with the infrastructure already in place,' Goncalves said. If any of the sales are successful, he said the proceeds will go toward debt reduction. Dive Insight: Cleveland-Cliffs, one of the largest producers of flat-rolled steel, has been in downsizing mode in response to weak automotive production and rising prices. Between March and May, it fully or partially idled six facilities, resulting in layoffs affecting 2,000 workers across Michigan, Illinois, Minnesota and Pennsylvania. The company is expecting these changes to result in annual cost savings of about $310 million, according to an investor presentation. It is not expecting these changes to hurt steel production output. 'We are laser-focused on cost-cutting and steel sales, and that's the way we will continue to execute going forward,' President and CEO Lourenco Goncalves said on the earnings call. In the second quarter, Cleveland-Cliffs reported revenue of $4.9 billion, driven by record-high steel shipments, higher pricing and lower costs. The results are up from Q1 and the same period last year. The steelmaker also recorded a net loss of $470 million, which included a one-time cost of $323 million related to its recent plant idlings. Looking ahead, Cleveland-Cliffs is expecting steel sales prices to remain favorable as slab prices decline. A third-party slab contract is set to expire in less than five months, which should allow the company to shift sales to higher-margin opportunities. The company is also expecting raw material costs to continue improving, citing a $15 per ton decrease in costs compared to Q1. On the call, the CEO lauded the Trump administration's Section 232 steel tariffs, which increased from 25% to 50% on June 4, and have played a key role in addressing issues with foreign competitors. 'They receive direct subsidies from their governments, and they do not have to comply with the stringent environmental standards and laws we have in place in the United States,' Goncalves said. Additionally, he pressured Federal Reserve Chair Jerome Powell to lower interest rates to spur U.S. consumers to buy more cars, and for Canadian Prime Minister Mark Carney to bolster the country's steel industry with stronger trade protections. 'The United States remains the most desirable market for steel,' Goncalves said. Recommended Reading Cleveland-Cliffs to lay off 950 workers in Illinois, Pennsylvania Sign in to access your portfolio
Toronto Sun
08-07-2025
- Toronto Sun
Family of slain Idaho student returning GoFundMe donations for Kohberger murder trial
The father of one of the slain University of Idaho students said he is working on giving back the donations his family received to support their expenses during Bryan Kohberger's murder trial. This advertisement has not loaded yet, but your article continues below. THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. SUBSCRIBE TO UNLOCK MORE ARTICLES Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. REGISTER / SIGN IN TO UNLOCK MORE ARTICLES Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account. Share your thoughts and join the conversation in the comments. Enjoy additional articles per month. Get email updates from your favourite authors. THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK. Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account Share your thoughts and join the conversation in the comments Enjoy additional articles per month Get email updates from your favourite authors Don't have an account? Create Account Steve Goncalves, dad to Kaylee Goncalves, told TMZ he will not 'bait and switch these beautiful people like (Latah County prosecutor) Bill Thompson did to our family.' Kohberger's quadruple murder trial was scheduled to take place in August, but in a deal with the prosecutor's office last week the accused pleaded guilty to four counts of first-degree murder in the 2022 deaths of Goncalves, Madison Mogen, Xana Kernodle and Ethan Chapin in exchange for life in prison and no death penalty. The Goncalves family took to Facebook to share they are 'beyond furious' with the state. They noted how the deal was 'very unexpected' and they needed time to process the news, adding Idaho 'failed us.' Read More Your noon-hour look at what's happening in Toronto and beyond. By signing up you consent to receive the above newsletter from Postmedia Network Inc. Please try again This advertisement has not loaded yet, but your article continues below. A few days later, they issued a longer statement on Facebook. 'I am sorry if you don't agree with our recent decisions on the plea deal. BK literally is too afraid to die, but he wasn't afraid to kill,' the family wrote on July 3. 'BK wanted a plea deal and he was given one. Kaylee wasn't offered a plea deal. The state is showing BK mercy by removing the death penalty. BK did not show Kaylee ANY mercy.' The family noted how some people suggested that life in prison without parole is a good thing since Kohberger will never get out, but they wanted his sentence to go one step further. Bryan Kohberger, who pleaded guilty to the murders of four University of Idaho students, is escorted into court for a hearing in Latah County District Court, Sept. 13, 2023, in Moscow, Idaho. (Ted S. Warren/The Associated Press) Photo by Ted S. Warren / THE ASSOCIATED PRESS 'We knew it would be decades before he ever would face the firing squad,' they said. 'We knew that his execution was not going to happen anytime soon, BUT his life on DEATH ROW while serving his time would have been much worse than serving his time as life in prison. He doesn't deserve life in prison. He deserved life on death row.' This advertisement has not loaded yet, but your article continues below. The GoFundMe page had raised $85,583 before it stopped accepting donations. The family said they are trying to figure out how to refund donors their money. 'Please give me time to figure out the best way to do this,' the post says, noting the complexities in reimbursing everyone. 'I understand this is a priority for many people … Steve and I need a few days alone to process what has just happened. 'It is so hard to describe what we are going through right now. It is VERY mentally and emotionally exhausting. My whole body aches, from my fingertips to my toes. Please give us some grace, I promise we won't skip town.' RECOMMENDED VIDEO The August murder trial was expected to last at least three months and reveal more details into the killings. This advertisement has not loaded yet, but your article continues below. Instead, the July 2 plea hearing lasted less than an hour, in which Thompson detailed that Kohberger first killed Mogen and Goncalves, then killed Kernodle, who was still awake at the time, and Chapin, who was asleep. More details could emerge when Kohberger returns to court for his sentence on July 23. That date overlaps with the Goncalves' plans to drop their other daughter off at university, so they said it was unlikely they will attend the hearing to face Kohberger one last time, Steve told TMZ . He added they have asked for the hearing to be delayed, but doubted the request will be granted 'since they haven't done anything else we've asked them to do.' Canada Toronto Blue Jays Crime Canada Sunshine Girls
