Cliffs Plans To Lay Off 625 People, Cut Production

CNBC reported Cliffs Natural Resources (NYSE:CLF) says it will lay off about 625 people at a Michigan mine and cuts production at a Minnesota iron ore mine.

As quoted in the market news:

Two of the four production lines at Northshore Mining’s taconite plant in Silver Bay will shut down effective Jan. 5, resulting in 125 layoffs, said Cliffs’ Minnesota spokeswoman Sandy Karnowski. It has not been determined how those layoffs will be distributed between the plant and Northshore’s mine in Babbitt, she said.

Cliffs also plans an extended summer shutdown at the Empire Mine near Palmer, Mich., which will affect 500 jobs beginning in the second quarter of 2013. Empire currently has 730 employees.

Click here to read the full CNBC report.