Steel Mills
US Steel to Idle Keetac Iron Ore Operations
Written by Sandy Williams
March 12, 2015
US Steel operations at Minnesota Ore Operations-Keetac will be temporarily idled as of May 13. The company said the idling is due to “current inventory levels and adjustment of its steelmaking operations throughout North America to match customer demand.”
US Steel cited global influences in the market, including unfairly traded imports, as contributors to a currently challenging market. The glut of iron ore has reduced global prices by nearly 50 percent since Q4 2013 and 23 percent so far this year. On Wednesday, The Steel Index (TSI) reported 62% Fe CFR Tianjin port at $57.70.
The temporary shutdown will affect 412 employees at Keetac. Lay-offs will be determined based upon operational and maintenance needs.
US Steel will continue to produce iron ore pellets at the Minntac plant in Mt. Iron, Minn.
Sandy Williams
Read more from Sandy WilliamsLatest in Steel Mills
Op-Ed: Ternium CEO Máximo Vedoya wants a fair future forged in steel
After recently receiving an industry honor on behalf of Ternium, I had the opportunity to reflect and share my vision on the state and future of our industry.
Nippon eyeing new $4B U.S. Steel mill to sweeten deal: Report
Nippon Steel could build a new domestic U.S. Steel mill with a total investment of $4 billion.
Nucor cuts CSP by $20/ton, third straight drop
Nucor has lowered its consumer spot price by $20 per short ton, marking the third consecutive weekly decrease.
Nucor reports IT systems breach
Nucor said it temporarily and proactively halted some production operations at various locations.
Cliffs talks DOE funding, blast furnace relining schedule
The future of two projects supported in part by funding through the Department of Energy remains uncertain.