October 19, 2018 / 6:14 PM / 25 days ago

'You are an embarrassment': Miner Cleveland Cliffs' CEO blasts financial analysts

(Editor’s Note: paragraph 6 of this story contains language that may offend some readers)

Oct 19 (Reuters) - Iron ore miner Cleveland Cliffs Inc Chief Executive Officer Lourenco Goncalves went on a rant against financial analysts on a quarterly earnings conference call on Friday, saying some analysts could not “read numbers.”

In response to a question from B. Riley analyst Lucas Pipes, Goncalves slammed analysts and what he called their lack of understanding about his company’s business.

“You don’t understand our business, you don’t understand even your own business,” he said, referring to no analyst in particular. “You are a disaster. You are an embarrassment to your parents.”

Goncalves also suggested the company would buy back its shares if it continued to fall in value.

“If the stock continues to go down based on these kids that play with computers and somebody else’s money, we are going to buy back stock,” he said.

“We are going to screw these guys so badly that I don’t believe that they will be able to only resign. They will have to commit suicide. So we are going to screw these guys so badly, that will be fun to watch.”

Cleveland Cliffs shares tumbled 6.5 percent on Friday afternoon. They had earlier risen 4 percent in premarket trade after the miner reported better-than-expected revenue.

The company did not immediately respond to a request for comment. (Reporting by Arjun Panchadar in Bengaluru; Editing by Sai Sachin Ravikumar)

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