Cleveland-Cliffs, a leading steel maker, has recently added a new member to its board of directors. Ron A. Bloom, who serves as a managing partner and vice chair in Brookfield Asset Management’s private-equity group, joined the board on Jan. 3. This appointment has expanded the board size from 10 to 11 members.
Investments in Cleveland-Cliffs
As a show of confidence in the company, Bloom made a notable investment in Cleveland-Cliffs. On Feb. 1, he purchased 25,000 shares at an average price of $20.24 each, totaling $506,100. With this transaction, Bloom now holds a total of 27,221 shares.
Ensuring Stakeholders' Voices Are Heard
Bloom's background is closely intertwined with the steel industry. Over two decades ago, while serving as a special assistant to the president of the United Steelworkers, he played an active role in the sale of the assets of LTV Steel and Bethlehem Steel to the International Steel Group. Today, these assets form a part of Cleveland-Cliffs.
Cleveland-Cliffs CEO Lourenco Goncalves expressed his enthusiasm about Bloom joining the board by stating, “We have recently seen a case of stunning disrespect to the wishes of labor in our industry, and Ron Bloom being on our Board will ensure that all stakeholders have a voice.” Goncalves referred to Nippon Steel's acquisition of United States Steel, which outbid Cleveland-Cliffs in a December deal.
No Comment from Cleveland-Cliffs
Despite requests for comment on this recent development, Cleveland-Cliffs did not respond with a statement or make Ron Bloom available for interviews.
Inside Scoop is a regular feature that covers stock transactions by corporate executives and board members, as well as significant shareholders, politicians, and other notable individuals. As insiders, these investors are required to disclose their stock trades to regulatory bodies such as the Securities and Exchange Commission.
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