Speaking during a session at Steel Market Update's annual Steel Summit in Atlanta, Ga., USA, Goncalves revealed that the company is establishing a scrap enterprise called Cleveland-Cliffs Services. 

"Scrap is a precious metal. Scrap is scarce and (supply) is not increasing. There is money in scrap, and where there is money, I will go after that," Goncalves told the conference audience. 

He didn't offer details about the enterprise, and asked if it would pursue prime scrap or move to acquire scrap yards, Goncalves cheekily replied, "Yes." 

However, he said the business would be officially established on 1 September and that Cleveland-Cliffs' chief financial officer Keith Koci would serve as its president. 

Also during the session, Goncalves said the company has a plan to modernize its Butler, Pa., Works, which makes stainless and carbon electrical steel. Cliffs gained the facility as part of its acquisition of AK Steel in late 2020. 

Again, Goncalves didn't share any details, except that the modernization would take place over several years and is intended to meet new demand arising from battery-electric vehicle production.