Cliffs CEO glum amid iron ore downturn - Bring Me The News

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.
Author:
Publish date:

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.

Next Up

Related

Cliffs Natural Resources to pay $300K fine, improve Silver Bay landfill

Cliffs Natural Resources has agreed to pay a $242,973 civil penalty to the Minnesota Pollution Control Agency and make improvements to the coal ash landfill at Northshore Mining plant in Silver Bay, the Duluth News Tribune reports. The company will also contribute $75,000 toward an expansion of the household hazardous waste reuse center in Duluth.

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.