Celso Goncalves Elevated to CFO Role at Cleveland-Cliffs—Leadership Restructure Signals Strategic Pivot

Cleveland-Cliffs Inc. (CLF) has restructured its executive ranks with major promotions taking effect September 1, 2021. The reshuffle marks a critical moment as the company pursues aggressive expansion into scrap recycling operations while maintaining its core steel manufacturing business.

The Leadership Shuffle

Three senior executives received new assignments in the reorganization. Celso Goncalves, who held the position of Senior Vice President for Finance & Treasury, has stepped up to Executive Vice President and Chief Financial Officer—a role previously occupied by Keith Koci. In his expanded capacity, Goncalves will oversee the entire financial apparatus, commanding teams across Finance, Accounting, Tax, Treasury, and Investor Relations divisions.

Meet the New CFO

Goncalves joined Cleveland-Cliffs’ ranks in September 2016 as Assistant Treasurer, quickly climbing the ladder. By March 2020, he had claimed the SVP Finance & Treasury title he held until this promotion. Before arriving at Cleveland-Cliffs, he accumulated investment banking experience across Deutsche Bank’s New York office and stints at Jefferies locations in both New York and São Paulo, Brazil.

Organizational Reshaping

The broader restructure introduced a freshly minted division—Cleveland-Cliffs Services—dedicated to the company’s scrap recycling initiatives. Keith Koci, stepping away from the CFO desk, now helms this new venture as Executive Vice President & President. Meanwhile, Clifford Smith transitioned from Chief Operating Officer to lead Cleveland-Cliffs Steel, the company’s legacy steelmaking division, as EVP & President.

This reorganization demonstrates Cleveland-Cliffs’ intent to diversify its raw material sourcing while doubling down on operational excellence across both traditional and emerging business units.