Cleveland-Cliffs Idles Northshore Mining, Tilden Mine
Chairman, President and CEO Lourenco Goncalves said, “We have 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. As our steel customers rationalize their operations’ capacities, we made the decision to adjust our iron ore production during the first half of the year and not continue to build additional iron ore inventory until market conditions improve.”
Once the North American steel market improves, Cleveland-Cliffs will quickly restart and ramp up production, he added. Cleveland-Cliffs temporarily idled production at Northshore mine in mid-April with a planned restart by August. The Tilden mine was temporarily idled by the end of April with a planned restart in July.