Cleveland-Cliffs Inc. Chief Executive Officer Lourenco Goncalves isn’t a fan of the Goldman Sachs Group Inc. analyst who covers his company.
As shares of the largest U.S. iron ore producer fell as much as 10 percent Friday, Goncalves closed his analyst call by specifically calling out the analyst.
“Matthew Korn from Goldman Sachs, you can run, but you can’t hide,” he said. “I will see you at the Goldman Sachs conference, very soon. And bring your commodity desk guy, because you owe me that for last year.”
It was the end of the call in which Goncalves raged against analysts that he said don’t understand his company and short-sellers who are betting against it.
“It will all be done to inflict maximum pain to this guy,” he said of his company’s naysayers. “I wake up in the morning every day, looking at this guy and then go to bed at night every day thinking about this guy. And that’s a bad place to be. That’s the message that I would like to deliver in this call.”
Cliffs shares (CLF) plunged to $10.32, the lowest in more than a month, before the start of the company’s third-quarter earnings call with analysts. Prices later pared losses after Goncalves used the company’s call to announce he will “buy the stock back with two hands,” if prices continue to fall.
The Cleveland-based iron-ore producer has climbed 49 percent this year. Goncalves, 60, has been CEO since August 2014.
Leslie Shribman, a spokeswoman for New York-based Goldman Sachs, declined to comment.
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