The CEO of Cliffs Natural Resources provided a hint of what could be bad news for iron ore workers in the Northland, the Duluth News Tribune reports. Joseph Carrabba on Thursday said shutting down production lines at the company’s Iron Range and Silver Bay operations is possible given that demand and prices for iron ore have dipped.
Cliffs' third-quarter profit dove as the coal and iron-ore mining company struggles with weak pricing and higher production costs, the Wall Street Journal reported Thursday. Earnings missed Wall Street estimates.
Cliffs and members of the United Steelworkers union agreed on a new three-year labor contract earlier this month.