Autos

Steel production rebounded as auto plants reopened: Cleveland-Cliffs CEO

0


Steel production has rebounded alongside the recovery in automotive production this quarter, Cleveland-Cliffs CEO Lourenco Goncalves told CNBC Monday.

U.S. automakers are sprinting to re-stock showrooms and get back on production schedule after plants were shut down earlier this year as the country took action to slow the spread of a novel coronavirus.

“We have been through a very profitable quarter and very strong in terms of the recovery of demand particularly in automotive,” he said in an appearance on “Closing Bell.”

The U.S. economy quickly fell into a recession as businesses closed up and unemployment shot up across the country, but autos demand, much like demand in the housing…



Source cnbc.com

Hadi Yousef details the origins of his investing app Earnings Calls

Previous article

Fauci calls out Fox News, but says real ‘bad guy’ is coronavirus, not those with opposing views

Next article

You may also like

Leave a Reply

avatar
  Subscribe  
Notify of

More in Autos