Cleveland-Cliffs to Idle 2 Mines Over Pandemic Market Shock
BABBITT (AP) — Cleveland-Cliffs Inc. plans to temporarily idle two iron mines due to the economic downturn caused by the coronavirus pandemic. The mines are Northshore Mining in Minnesota and Tilden Mine in Michigan.
Cliffs says it will work down current inventory levels from the two mines and continue to ship iron ore to fulfill its agreements with steel customers. CEO Lourenco Goncalves says the Cleveland-based company has 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."
He says Cliffs decided not to continue to build additional iron ore inventory until market conditions improve.