Cleveland-Cliffs Announces Promotion, Board of Directors Appointment
07/23/2026 - Cleveland-Cliffs Inc. has named chief financial officer Celso Goncalves as president and appointed him to the board of directors, effective immediately, the steelmaker said Thursday.
As part of the promotion, Celso Goncalves will continue to serve as chief financial officer, but he will take over the title of president from his father, Cleveland-Cliffs' chairman and chief executive officer Lourenco Goncalves, who will remain in those roles.
Lourenco Goncalves said the promotion recognizes Celso Goncalves' significant contributions to the company and marks the beginning of a thoughtful and deliberate leadership transition.
"To those following Cliffs for a long time, this appointment should come as no surprise," Lourenco Goncalves said.
"In his 10 years here, Celso has earned the trust and respect of our board, our management team, our employees and our investors through his unwavering commitment to Cleveland-Cliffs. He has been a key architect of every major strategic and financial accomplishment we have achieved over the past decade. His elevation to president and his appointment to our board are natural progressions that recognize both his outstanding performance and his increasing leadership responsibilities across the enterprise.”
Celso Goncalves joined the company in 2016 and was named executive vice president and chief financial officer in 2021. Before joining Cleveland-Cliffs, he worked in investment banking at Deutsche Bank and Jefferies.
Cleveland-Cliffs lead director Mike Michael said Celso Goncalves' promotion is well-earned.
"During his tenure at Cleveland-Cliffs, Celso has been instrumental in helping transform the company into the largest producer of flat-rolled steel in North America, enhancing financial flexibility, managing capital allocation initiatives, and supporting the execution of the company's strategic growth and integration objectives," he said.
Although the promotion elevates Celso Goncalves' role within the company, it does not foreshadow an imminent leadership change, Lourenco Goncalves said.
"To be perfectly clear, I remain fully committed to leading this company for years to come," Lourenco Goncalves said. "I will continue to drive our strategy and guide Cleveland-Cliffs through our next phase of delivering stronger and more sustainable results. Celso's expanded role positions us exceptionally well for the future, ensuring continuity in the execution of the disciplined strategy that has transformed Cleveland-Cliffs into the industry leader it is today," he said.
Lourenco Goncalves said the promotion recognizes Celso Goncalves' significant contributions to the company and marks the beginning of a thoughtful and deliberate leadership transition.
"To those following Cliffs for a long time, this appointment should come as no surprise," Lourenco Goncalves said.
"In his 10 years here, Celso has earned the trust and respect of our board, our management team, our employees and our investors through his unwavering commitment to Cleveland-Cliffs. He has been a key architect of every major strategic and financial accomplishment we have achieved over the past decade. His elevation to president and his appointment to our board are natural progressions that recognize both his outstanding performance and his increasing leadership responsibilities across the enterprise.”
Celso Goncalves joined the company in 2016 and was named executive vice president and chief financial officer in 2021. Before joining Cleveland-Cliffs, he worked in investment banking at Deutsche Bank and Jefferies.
Cleveland-Cliffs lead director Mike Michael said Celso Goncalves' promotion is well-earned.
"During his tenure at Cleveland-Cliffs, Celso has been instrumental in helping transform the company into the largest producer of flat-rolled steel in North America, enhancing financial flexibility, managing capital allocation initiatives, and supporting the execution of the company's strategic growth and integration objectives," he said.
Although the promotion elevates Celso Goncalves' role within the company, it does not foreshadow an imminent leadership change, Lourenco Goncalves said.
"To be perfectly clear, I remain fully committed to leading this company for years to come," Lourenco Goncalves said. "I will continue to drive our strategy and guide Cleveland-Cliffs through our next phase of delivering stronger and more sustainable results. Celso's expanded role positions us exceptionally well for the future, ensuring continuity in the execution of the disciplined strategy that has transformed Cleveland-Cliffs into the industry leader it is today," he said.
