CEO Today USA Awards

91 www.ceotodaymagazine.com CEO Today USAAwards 2017 OHIO Lourenco Goncalves was appointed Chairman, President and Chief Executive Officer of Cliffs in August 2014. Since joining the company, he has implemented and has been executing a strategic initiative designed to strengthen Cliffs’ position as a major supplier of iron ore pellets to the U.S. steel industry. Mr. Goncalves brings more than 30 years of experience in the metals and mining industries, as well as extensive Board experience, in the United States andabroad. He servedasChairman of the Board, President and Chief Executive Officer of Metals USA Holdings Corp., a leading American manufacturer and processor of steel and other metals, for over 10 years. He currently sits on the Board of the American Iron and Steel Institute, and served as a board member of Ascometal SAS, a manufacturer of special steel headquartered in Paris, France, from October 2011 to April 2014. He is also a Distinguished Member and Fellow of the Association for Iron and Steel Technology. Prior to Metals USA, Mr. Goncalves served as President and Chief Executive Officer of California Steel Industries, Inc. from March 1998 to February 2003. From 1981 to 1998 he was employed by Companhia Siderúrgica Nacional, a leading steel and mining company in Brazil, where he held several positions in operations and sales. Mr. Goncalves earned a Masters of Science degree in Metallurgical Engineering from the Federal University of Minas Gerais in Belo Horizonte, Brazil and a Bachelor’s degree in Metallurgical Engineering from the Military Institute of Engineering in Rio de Janeiro, Brazil. www.clevelandcliffs.com ABOUT LOURENCO GONCALVES FIRM PROFILE A Producer of Value-added Iron Ore With a corporate heritage dating back 170 years, Cliffs has been a major supplier to the production of iron and steel in the U.S. by offering steelmakers world-class raw materials. Today, Cliffs continues to be a leading iron ore mining company and operator. Pioneers in developing the beneficiation and pelletizing process, the Company holds the top position as the largest iron ore producer of pellets in North America, as well as one of the lowest cost producers in the world. Cliffs’ technical knowledge and expertise has helped the company to foster strong relationships with steel producers through the years. A Partner for Steelmaking Customers Cliffs’ U.S. Iron Ore operations located in Michigan and Minnesota had an annual rate capacity of 27.4 million tons of iron ore pellet production in 2016, which represents approximately 55 percent of total U.S. pellet production capacity. Cliffs owns and operates four of the eight open pit iron ore mining and processing facilities in the U.S. While most iron ore producers mine, market and sell a commoditized product to steel producers, Cliffs’ production of high-grade, custom-made pellets is the differentiating factor when comparing the Company to its peers in the iron ore industry. As a differentiated mining company, Cliffs is uniquely positioned to satisfy the requirements of its North American steelmaking customers. Its high- grade, premium pellets are customized for and fed directly to its customers’ blast furnaces and are produced under the most stringent environmental regulatory framework in the world. Thanks to its long-term partnerships with North American steelmakers, Cliffs operates under stable contracts, serving the growing end-markets for steel such as automotive, construction, white goods and manufacturing. EAF steel producers (‘mini-mills’) in North America require a reliable and quality source of iron-based metallics. Cliffs is pursuing the opportunity to tap into this potential market to become a supplier of DR-grade pellets, pig iron and other alternative iron units. Using its technical expertise to increase product offerings, Cliffs developed a new product, DR-grade pellets, for feedstock in DRI production. The Company has reached a significant milestone with full-scale production testing, and is well-positioned to move forward in this market. Cliffs’ Western Australia iron ore operations consist of the wholly-owned Koolyanobbing complex, a collective term for the operating deposits at Koolyanobbing and Mount Jackson. The Koolyanobbing operations serve the Asian iron ore markets with direct-shipped fines and lump ore. Ore is crushed and blended, then transported by rail for shipment from the port of Esperance. LOURENCO GONCALVES Chairman, President, and CEO at Cliffs