Cleveland-Cliffs (CLF) plans to halt operations temporarily at its steel facility in Dearborn, Michigan, and lay off about 600 workers amid low demand from the US auto industry,
Layoffs are set to begin July 15 with Worker Adjustment and Retraining Notification Act notices already issued, Cleveland-Cliffs spokesperson Patricia Persico said Tuesday in an emailed statement to MT Newswires.
The company plans to idle the blast furnace, the basic oxygen furnace steel shop and continuous casting units, while finishing lines will stay open.
The Cleveland Works C6 blast furnace, which was shut last year, is expected to resume full operations by July.
The Dearborn facilities are expected to reopen once President Donald Trump's "policies take full effect and automotive production is reshored," the company said.
Cleveland-Cliffs shares rose 3% in recent Tuesday trading.
Price: 9.57, Change: +0.28, Percent Change: +2.96
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