(AMM) Cliffs extending pellet plant shutdown (UPDATE)

New York 02 July 2009 20:55

Cliffs Natural Resources Inc. and other owners of the Hibbing Taconite Co. iron ore pellet venture in Minnesota have decided to prolong the plant's shutdown through the first quarter of next year due to continued low demand.

"While we have begun to see preliminary signs of stabilization in the North American steelmaking industry, we will continue to ensure our production and inventory are balanced with customer demand," Don Gallagher, president of Cliffs' North American unit, said in a statement.

According to the latest figures from the American Iron and Steel Institute (AISI), U.S. steel mills ran at a rate of 48.7 percent in the week ending June 27, up from 47.5 percent the previous week.

Cliffs and its joint-venture partners idled the HIbbing plant in May this...

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(AMM) Cliffs extending pellet plant shutdown (UPDATE)

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