It’s never a dull moment with iron ore miner and Cliffs CEO Lourenco Goncalves, from Bloomie:
“It’s like a bad virus…Australia continues to give iron ore to China almost for free, allowing them to produce more than they need.”
“What China is exporting alone is bigger than the second-biggest producer of steel in the world: it is crazy,” Goncalves said on Wednesday. “With the massive sales of iron ore to China — enabling China to produce a lot more than China actually needs for consumption — there’s a glut of exports.”
“Here in U.S., because we’re the most open market in the entire world, we receive steel from virtually everywhere,” said Goncalves. “We don’t mind free trade, but we want fair trade. We can’t allow subsidized, dumped, illegally traded steel.”
And therein lies the message.
