Market Segment
ArcelorMittal to Idle Hibbing Taconite
Written by Sandy Williams
April 22, 2020
Another iron mine is temporarily idling production. ArcelorMittal said on Tuesday that it will idle Hibbing Taconite on May 3 with plans to resume operations on July 6.
“Due to the unprecedented and challenging times presented by the COVID-19 pandemic, the joint venture partners of Hibbing Taconite will be idling the operation,” said ArcelorMittal in a statement. “As a result, Hibbing Taconite has begun preparations to reduce production in a safe and orderly manner with necessary precaution to preserve the asset for future production.”
Hibbing Taconite is a joint venture between ArcelorMittal, Cleveland-Cliffs and U.S. Steel with ArcelorMittal serving as managing partner as of August 2019. Pellets from the plant are shipped to ArcelorMittal Burns Harbor, which last week idled its C blast furnace.
In the past week, Cleveland-Cliffs has idled Northshore Mining and U.S. Steel announced the idling of Keetac.
About 650 employees are expected to be laid off at the facility including hourly and salaried workers. “As managing partner of Hibbing Taconite, ArcelorMittal USA plans to work with the USW to minimize the impact on the workforce for the duration of the outage,” said a spokesperson for the company.
Sandy Williams
Read more from Sandy WilliamsLatest in Market Segment
Nucor targets ‘white hot’ data center boom
With infrastructure demand shifting toward digital capacity, Nucor Corp. is positioning itself as the go-to steel supplier for the data center boom.
Gerdau’s N. American earnings rise in Q3 due to fall in imports
Gerdau’s North American profits rose in the third quarter, boosted by a decline in imports due to Section 232 steel tariffs.
Ternium swings to Q3 loss, eyes 2026 recovery
Ternium closed the third quarter with steady shipments and improving margins. But trade policy uncertainty and subdued demand in Mexico weighed on the Latin American steelmaker’s results.
SMU Mill Order Index fell in September
SMU’s Mill Order Index declined in September after repeated gains from June through August. The shift came as service center shipping rates and inventories fell.
Algoma’s losses widen in Q3 as tariff troubles continue
Algoma Steel’s net loss more than quadrupled in the third quarter on trade woes and its EAF transition. Separately, the company announced a change in leadership, as CEO Michael Garcia will retire at the end of the year.