QUEBEC – Cliffs Natural Resources of Cleveland, OH, has announced its intention to close its Pointe Noire iron ore pellet plant in Sept-Iles by the end of Q2 2013. The company blamed high production costs and lower prices for its decision.
Cliffs produces both iron ore pellets and concentrate in eastern Canada. The company says it plans to transition production to only iron ore concentrate from its Wabush mine in Labrador. Guidance for 2013 remains unchanged at 9 million to 10 million tonnes.
"We are taking a long-term view of our investments in Canada. These measures address current market conditions and we look forward to advancing our work at Bloom Lake which is key to Cliffs' future," said chairman, president and CEO Joseph A. Carrabba.
News releases and other information about the company are at CliffsNaturalResources.com.
Bravo, however unfortunate it is for those working there. The writing was on the wall….a good business decision for Cliffs