A year after Lourenco Goncalves raged against analysts from Goldman Sachs Group Inc., the Cleveland-Cliffs Inc. chief’s acrimony has reversed 180 degrees.
“I love you, you are the best commodity desk I have ever seen in my life,” he said at a conference organized by Goldman on Wednesday. That’s a far cry from last October, when Goncalves told metals and mining equity analyst Matthew Korn “you can run but you can’t hide” and criticized the bank for being “wrong about iron ore prices, years in a row.”
Wednesday marked the first time the chief executive officer of the top U.S. iron ore producer publicly sat down with Korn since Goncalves questioned the analyst’s calculations for concluding in a note the company “modestly missed estimates.” In their latest interaction, they were cordial to each other.