Cleveland-Cliffs appoints former Egon Zehnder CEO to board of directors

CLEVELAND - Cleveland-Cliffs Inc. (NYSE:CLF) announced Wednesday the appointment of Edilson Camara to its Board of Directors, effective immediately. Camara will serve on the company’s Compensation and Organization Committee. The steel producer, currently valued at approximately $5 billion, has seen its stock rise over 35% in the last six months despite facing financial headwinds, according to InvestingPro data.

Camara is Chief Executive Officer Emeritus at Egon Zehnder, a global executive search and leadership advisory firm, where he served as CEO from 2018 to 2024. During his tenure, he oversaw operations across 48 countries with 69 offices and 3,000 employees.

Prior to his CEO role, Camara was a member of Egon Zehnder’s Executive Committee and served on the Finance and People Committees of the firm’s board. He also held positions as Managing Partner in both Canada and Brazil.

His early career included strategic planning and operations roles at Holcim Group and Exxon/Esso in Brazil and Switzerland. According to the company’s statement, Camara has assessed more than 1,100 senior executives worldwide throughout his career.

"Ed’s global industrial perspective and deep experience in senior leadership and talent frameworks align exceptionally well with Cleveland-Cliffs’ strategic priorities," said Lourenco Goncalves, Chairman, President and Chief Executive Officer of Cleveland-Cliffs, in the press release.

Camara holds an Economics degree from the Federal University of Rio de Janeiro and an MBA from the International Institute for Management Development in Switzerland. He is a dual citizen of Canada and Brazil, and a permanent resident in the United States.

Cleveland-Cliffs is a North America-based steel producer focused on value-added sheet products, particularly for the automotive industry. The company employs approximately 30,000 people across operations in the United States and Canada.

In other recent news, Cleveland-Cliffs Inc. announced the pricing of a public offering of 75 million common shares, anticipated to raise $964 million in gross proceeds. The shares are priced at approximately $12.85 each, and the offering is set to close soon, subject to standard conditions. In related developments, KeyBanc has lowered its price target for Cleveland-Cliffs from $15.00 to $13.00, maintaining an Overweight rating. This adjustment comes in light of the approximately 15% dilution following the company’s secondary common stock offering.

Additionally, Cleveland-Cliffs has filed an underwriting agreement with UBS Securities as part of its ongoing securities registration process. The filing includes legal opinions from the law firm Jones Day, though specific details about the securities were not disclosed. In strategic news, Cleveland-Cliffs has named South Korea’s POSCO as a strategic partner in a new alliance. This partnership aims to support POSCO’s U.S. customer base and align with U.S. trade and origin requirements, following a recent U.S.-Korea trade agreement.

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