Penn Zio Mark Heppenal’s management measures President Donald Trump’s latest move to impose a 25% tariff on US car imports
Clifles of steel cleveland Posted this week will go to rest on one of its production factories and release about 600 workers, citing soft demand for steel used in car production.
Cleveland-Cliffs said it would share portions of its factory in Derbon, Michigan, this summer and lay approx. poor car production In the US ”
The company plans to temporarily lead its explosion oven, a basic steel shop with oxygen stoves and continuous casting factories in Derborn. The layoffs will take effect on July 15.
“These activities will allow the company to work more efficiently and on more costs-competitive way for the current environment in the market,” Cleveland-Cliffs said in a statement. “We believe that sometimes President Trump’s policies will get in full and automotive production is re -emphasized, we should continue to produce steel in Derborn.”
President Trump announces new automatic tariffs
Cleveland-Cliffs said layoffs were due to the demand of the soft automotive steel industry. (Dustin Franz / Bloomberg through Getty Images / Getty Images)
Cleveland-Cliffs said she expects its Cleveland C6 blast to return to full operation by mid-July after being operational last year. It adds that Dearborn’s finish plants, including a cold gun and continuous galvanization, will continue to work and support the continuous employment of another 550 workers.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| CLF | Cleveland-Cliffs Inc. | 9.33 | +0.19 |
+2.08% |
The company Layoffs in Michigan Follow the Cleveland-Cliff’s announcement that it will dismiss 630 Minnesota employees as it rests its mine in Minorka and part of its mining operations in Hibing. These layoffs will begin in May.
Trump’s 25% increase in all steel, aluminum imports take effect, causing revenge from Europe
The freight train carries steel in Cleveland-Cliffs AD Cleveland runs a steel mill in Cleveland. (Luke Sharet / Bloomberg through Getty Images / Getty Images)
Letter from Robert H. Fisher, CEO of Human Resources and Labor Relations in Cleveland, which was obtained from Wdio ABC Explaining the company predicts layoffs will be temporary.
“We cannot predict their length, which can exceed six months,” the letter said.
The letter also stated “reduced demand for domestic steel” in 2024 as a contribution to the move as a result of the accumulation of excessive inventory of iron ore pellets.
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Cleveland-Cliffs’ shares declined above 13% in the past month, but decreased by only 2.7% to date. Its stock price increased over 2% a day of mid -afternoon Thursday.
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