CEO to Goldman Sachs analyst: ‘you can run, but you can’t hide’
As shares of the largest U.S. iron ore producer fell as much as 10 per cent Friday, its CEO closed his analyst call by targeting Goldman Sachs analyst Matthew Korn.
Cleveland-Cliffs Inc. CEO Lourenco Goncalves questioned Korn for saying in a report that the company “modestly missed estimates.”
“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 a call in which Goncalves raged against analysts that he said don’t understand his company and short-sellers betting against it.
“The Goldman Sachs guy should know better,” he said.
“The reason why the number of our shares diluted increased is because our stock price appreciated
so much that the right way to account for the convertible is the way we did . ...
“We did not issue stock, we did not dilute the shareholders, we did not do anything.
“It’s just an accounting thing — an accounting thing that a research analyst must know”
Leslie Shribman, a spokeswoman for New York-based Goldman Sachs, declined to comment.Korn didn’t immediately respond to requests for comment.