Cliffs matching lower demand with deep cuts
Dec 08, 2008 | 11:38 AM
| Mick Bowen
Cliffs Natural Resources Inc. reacted Monday to "current market uncertainties" with a sweeping array of cutbacks.
The Cleveland-based company is slashing its North American iron ore production rate to about 22 million tons annually from an earlier 2008 output estimate of around 36 million tons.
"Based on current market uncertainties and corresponding blast furnace capacity utilization in North America, (Cliffs) will continue to monitor the marketplace and adjust its production plans up or down as needed," the company said.
The Cleveland-based company also is trimming coal production at the Pinnacle Mine in West Virginia to 3.5 million tons, as well as temporarily turning off pellet furnaces and initiating a round of "work force adjustments" there. Cliffs had forecast that metallurgical coal production at the mine would total 4.3 million tons this year (AMM, June 16).....
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