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Stock impact report

Steelmaker to lay off 600 employees at Michigan plant due to weak auto demand [Yahoo! Finance]

Cleveland-Cliffs Inc. (CLF) 
Last cleveland-cliffs inc. earnings: 2/20 07:00 am Check Earnings Report
Company Research Source: Yahoo! Finance
Cleveland-Cliffs said it will idle portions of its plant in Dearborn, Michigan, this summer and lay off roughly 600 employees due to what it said was "the current reality of weak automotive production in the U.S." The company plans to temporarily idle its blast furnace, basic oxygen furnace steel shop and continuous casting factories in Dearborn. Layoffs would take effect July 15. "These actions will allow the company to operate more efficiently and in a more cost-competitive way for the current market environment," Cleveland-Cliffs said in a statement. "We believe that once President Trump's policies take full effect and automotive production is re-shored, we should be able to resume steel production at Dearborn." President Trump Announces New Auto Tariffs Cleveland-Cliffs said by mid-July it expects its Cleveland Works C6 blast furnace to be back in full operation after it was idled last year. It added that the Dearborn Works' finish plants, including the pickling tandem co Show less Read more
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