Cliffs Halts Iron Mine as US Steelmaking Earnings Disappoint

Cleveland-Cliffs plans to halt one iron ore mine in Virginia and reduce output at another in Minnesota, laying off 630 workers, the company said in a statement.

• Cliffs issued 60-day notices to workers due to the planned idle of its Minorca mine and partial idle of its Hibbing mine
• The temporary measure aims to help re-balance working capital needs and run down excess pellet inventory, the company said, adding it would be “monitoring market conditions”
• The announcement follows disappointing earnings by US steelmakers and comes despite relief from the Trump administration in the form of 25% tariffs on all steel ...