The “Big Three” automakers are preparing to restart manufacturing next week, and Cleveland Cliffs, a major producer of iron ore pellets on the Iron Range, is hopeful demand for steel will return with it.
Cliffs idled its Northshore Mining iron mine and pellet plant in Babbitt and Silver Bay in April until at least August, laying off 470 of its 570 employees, as steel demand plummeted due to the COVID-19 pandemic and U.S. automakers Ford, General Motors and Fiat Chrysler shuttered plants to help curb the spread of the virus.
With its recent purchase of steelmaker AK Steel, Cliffs is now supplying steel to “virtually all” U.S. automakers, Cliffs President and CEO Lourenco Goncalves said. He said auto plants are reopening sooner than some expected. Continue Reading →