It took massive output cuts from the world’s largest iron ore producer to get Goldman Sachs Group Inc. analysts and their biggest critic to agree on their outlook for the steelmaking ingredient.
Just two months ago, Cleveland-Cliffs Chief Executive Officer Lourenco Goncalves wasn’t shy about calling out Goldman analysts for their iron ore price forecast.
“Let me refresh your minds,” Goncalves said in a presentation at the bank’s metals conference in November. “Last year, Goldman Sachs’s Jeff Currie said that I don’t know where prices go — $65, three months later will be $60, then it will be $55 then $50. It went $65, $70, $75 then $70 then $75 so you are wrong, I was right.” Continue Reading →