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.
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