Steel Mills
Cleveland-Cliffs to Idle Mining Operations
Written by Sandy Williams
April 14, 2020
Cleveland-Cliffs will temporarily idle Northshore Mining in Minnesota and Tilden Mine in Michigan due to current market conditions.
The iron ore supplier plans to work down current inventory from the operations to fulfill its commercial agreements with steel customers. Demand is down at U.S. steel mills, with several adjusting production due to closures in the automotive industry and weak market conditions in oil and gas.
Northshore will be idled from mid-April to August and Tilden will be idled at the end of April with planned restart in July.
“We have evaluated market conditions and the extraordinary disruptions in manufacturing and steel production in North America due to the impact of the COVID-19 market shock,” said Chairman and CEO Lourenco Goncalves. “As our steel customers rationalize their operations’ capacities, we made the decision to adjust our iron ore production during the first half of the year and not continue to build additional iron ore inventory until market conditions improve. Once the North American steel market improves, Cleveland-Cliffs will be able to quickly restart and ramp up production.”
Cliffs recently paused construction at its new HBI plant in Toledo to comply with Ohio COVID-19 guidelines.
Sandy Williams
Read more from Sandy WilliamsLatest in Steel Mills
BREAKING NEWS: Trump approves $14B Nippon Steel-USS ‘partnership’
President Donald Trump on Friday gave his blessing to a $14-billion "partnership" between Nippon Steel and U.S. Steel.
Cliffs opens June spot order book at $910/ton HR
Cleveland-Cliffs opened its June order book for spot material at $910 per short ton (st).
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.