Cleveland-Cliffs (CLF) shares were down 3.2% in recent trading on Friday a day after the company said it will pause operations at two of its Iron Range mines and pellet plants, and lay off 630 workers, Duluth News Tribune reported, citing the company's spokesperson Pat Persico.
The company plans to idle its Minorca Mine in Virginia and "partially idle" Hibbing Taconite in Hibbing, the report said.
"These temporary idles are necessary to re-balance working capital needs and consume excess pellet inventory produced in 2024," Persico reportedly said.
Cleveland-Cliffs did not immediately respond to MT Newswires' request for comment.
(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
Price: 9.23, Change: -0.31, Percent Change: -3.20
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