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    Albert Rellin • Jefferies

    Albert Realini is a Senior Equity Research Associate at Jefferies, specializing in natural resources sector research. He has contributed to coverage of key companies within the natural resources space, leveraging strong analytical expertise and a background in both public accounting and equity research. Realini began his career at KPMG US LLP as a Senior Associate from 2017 to 2020, then worked at ConvaTec, Inc. as a Senior Analyst and at PwC before joining Jefferies in late 2021. Holding a graduate degree from Seton Hall University, he maintains professional credentials including FINRA registration and multiple securities licenses, ensuring compliance and industry expertise throughout his career.

    Albert Rellin's questions to Cleveland-Cliffs Inc (CLF) leadership

    Albert Rellin's questions to Cleveland-Cliffs Inc (CLF) leadership • Q1 2025

    Question

    Albert Rellin from Jefferies asked about the impact of steel tariffs on the Stelco acquisition, specifically questioning if it alters the planned synergies or expected EBITDA contribution.

    Answer

    CEO Lourenco Goncalves clarified that Section 232 tariffs on steel do not negatively impact their strategy, as they had already planned to keep Stelco's production within the Canadian market. He noted that broader tariffs on Canadian goods were an unforeseen headwind for their customers but expressed confidence that trade relations would normalize.

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