Market Segment
March 21, 2025
Written by Laura Miller
Citing an excess supply of iron pellets from last year, Cleveland-Cliffs said Friday it plans to temporarily idle portions of its mining operations in Minnesota, impacting the jobs of 630 employees.
“Cleveland-Cliffs has issued WARN notices related to the planned idle of its Minorca mine and partial idle of its Hibbing mine,” the company told SMU in an email.
The current plate market squeeze has been driven by improved demand and heightened import barriers, including 50% Section 232 tariffs. But the timing of fall outages—even if they were planned—is exacerbating the supply crunch.
Metalformers’ optimism softened in the Precision Metalforming Association (PMA) September Business Conditions Report.
SMU’s latest Flat-Rolled Steel Buyers Survey shows that in a tight US market marked by long lead times, low inventories, and rising prices, foreign products continue to gain the interest of domestic buyers.
Domestic raw steel output fell to a six-month low last week after hitting a multi-year high one week earlier, according to the latest American Iron and Steel Institute (AISI) figures.
The proposed Hyundai-POSCO steel mill in Louisiana has been approved for up to $1.3 billion in bond financing, according to state records and local media reports.