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Cliffs CEO glum amid iron ore downturn

The CEO of Cliffs Natural Resources hinted at 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.
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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.

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Another labor deal with mine workers reached on the Iron Range

Members of the United Steelworkers union and Cliffs Natural Resources have agreed on a new three-year labor contract, the Duluth News Tribune reports. The deal covers about 1,100 workers at ore plants in Eveleth and Hibbing. Both sides failed to reach an agreement by the Sept. 1 deadline, but agreed to a contract extension that kept the northern Minnesota plants operating while negotiations continued.

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Cliffs Natural Resources saw first quarter revenue that was more than seven percent above last year's, thanks largely to record sales of iron ore. The early ice out on the Great Lakes and stronger demand from steel mills helped the company move more taconite.