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 WilliamsRead more from Sandy Williams
Latest in Steel Mills
USW remains skeptical of USS acquisition despite Nippon’s promises
The United Steelworkers union expressed a lack of trust in assurances from Japan’s Nippon Steel Corp. (NSC) regarding its proposed buy of U.S. Steel.
Biden admin scrutinizing Nippon Steel’s Chinese ops in USS deal: Report
Nippon Steel Corp.’s (NSC) operations in China are a potential security concern of the Biden administration, according to a Bloomberg report citing anonymous sources close to the matter.
Kestenbaum looking at multiple ways to grow Stelco
Alan Kestenbaum, the CEO of Stelco, said the company is actively evaluating ways to grow the company, including both organic and inorganic opportunities.
Nucor board OKs new rebar micro mill for Pacific Northwest
Nucor Corp. announced plans to build a new rebar micro mill in the Pacific Northwest.
BlueScope officially mulling addition of CR and coating capacity in US
Australia's BlueScope Steel has begun making plans to potentially add cold rolling and coating capabilities in the US.