LABRADOR — The global financial crisis and the slowdown in the steel industry have forced Iron Ore Co. of Canada (IOC) to announce measures to ride out the downturn. No layoffs are anticipated at this time.
The company said it is taking the following actions:
? One of the six pellet machines will be shut down for essential maintenance and rebuilding. A second pellet machine rebuild will follow after the first is completed.
? All production, except for the mine in Labrador City, some rail and shipping from the terminal in Sept-Îles, Quebec, will be suspended for a four-week shutdown period in July 2009, during which time most employees would take their vacation.
? A review of its expansion programs. The company announced plans worth $500 million earlier this year. They were to boost production as much as 50% by 2011.
See also www.IronOre.ca.