Steel Products Prices North America
Cleveland-Cliffs Names New CFO
Written by Sandy Williams
February 14, 2019
Cleveland-Cliffs announced that CFO Timothy K. Flanagan is leaving the company and will be succeeded by Keith Koci as executive vice president and chief financial officer, effective immediately.
Regarding the personnel change, Cleveland-Cliffs’ Chairman, President and Chief Executive Officer Lourenco Goncalves, stated:
“I appreciate the work done by Tim Flanagan during the last several years with Cleveland-Cliffs. We accomplished many great things with Tim serving as an important part of the team, and I wish him the very best in his future endeavors.
“I am also very pleased that Keith Koci will relocate to Cleveland and, once again, work side-by-side with me. Keith was instrumental to me at Metals USA, through listing the company’s stock on the Nasdaq in 2003, taking it private in 2005, then IPO’ing it in 2010, and finally selling it to a strategic buyer in 2013. Additionally, during the 10-year period we worked together at Metals USA, Keith was my key player in the execution of several strategic acquisitions, each one with a different level of financial complexity.
“I believe Keith Koci is, at this time, the right person to lead Cleveland-Cliffs’ Finance Department,” Goncalves concluded.
Koci joins Cliffs from Metals USA Holdings Corp., where he served most recently as its Senior Vice President and Chief Financial Officer. Prior to that role, he served as Metals USA’s Senior Vice President, Business Development, from 2006 to 2013; its Vice President, Corporate Controller, from 2004 to 2005; its Director of Budgeting from 2003 to 2004; and its Regional Controller of the Flat Rolled Group from 1998 to 2003.
Flanagan joined Cleveland-Cliffs in 2010 and became executive vice president and CFO in January 2018.
Sandy Williams
Read more from Sandy WilliamsLatest in Steel Products Prices North America
Nucor raises hot rolled spot price to $750/ton
Nucor raised its weekly consumer spot price (CSP) for HRC this week to $750/short ton.
SMU price ranges: Most sheet and plate products drift lower
Steel sheet prices mostly edged lower for a second week, while plate prices slipped for the third consecutive week.
Nucor drops HRC price to $720/ton
After holding its weekly spot price for hot-rolled (HR) coil steady for three weeks at $730 per short ton (st), Nucor lowered the price this week by $10/st.
SMU price ranges: Sheet slips, plate falls to 45-month low
Steel sheet and plate prices moved lower this week as efforts among some mills to hold the line on tags ran up against continued concerns about demand.
CRU: US longs prices remain mostly flat in October
CRU Senior Steel Analyst Alexandra Anderson shares insight into the current market for long steel products.