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Cliffs eyes fall start for United Taconite
In a call to investors yesterday, Cliffs CEO Lourenco Goncalves announced that his company will reopen Northshore Mining in May and plans to restart United Taconite in Eveleth later this year. Goncalves also announced that Cliffs made a profit during the last quarter, which wasn’t expected. However, Cliffs remains more than $2 billion in debt. A few weeks ago, Goncalves said United…
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Cliffs eyes acquiring Essar plant
As snow fades from the ditches of Northern Minnesota, the Essar Steel construction site north of Nashwauk remains frozen in time. Minor movement in and out of the site is but partial salve for the idled hope of hundreds of jobs from the region’s largest new mining project in a generation. Essar has stated that it hopes…
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Cliffs to reopen Northshore Mining in May
Cliffs Natural Resources announced today it plans to reopen Northshore Mining in Babbitt and Silver Bay by May 15. About 540 people work for Northshore Mining, most of whom have been laid off since last year. “The avalanche of unfairly traded steel hitting the U.S. since last year negatively affected our clients’ production levels and,…
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Obama OKs more enforcement to block steel dumping
Late last week, President Obama approved new measures to better enforce trade protections against illegal steel imports. The efforts would provide more funding to investigate allegations of steel dumping, or selling steel for less than it costs to make. The move comes amid some relief in steel pricing on the world market, a factor that…
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Cliffs CEO defies global trends, predicts strong 2016
In today’s earnings report, one in which earnings were less than expected, the CEO of Cliffs Natural Resources said that he sees the domestic iron ore business turning around later in 2016. Lourenco Goncalves said Iron Range mines at Northshore Mining and United Taconite in Eveleth would stay closed through March, but would reopen after that.…
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ANALYSIS: Rob Ecklund wins 3A race
Rob Ecklund was elected State Representative for Minnesota House District 3A Tuesday by a wide margin. The Koochiching County Commissioner and Boise Cascade union paper worker earned 64 percent of the vote to Republican Roger Skraba’s 19 percent and independent Kelsey Johnson’s 16 percent. Ecklund carried 80 of 83 precincts, losing a pair of small…
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NY Times paints grim picture for Iron Range mines
A business story in yesterday’s New York Times carries this headline: “If It Owns a Well or a Mine, It’s Probably in Trouble.” And since that describes many of the largest businesses on Northern Minnesota’s Mesabi Iron Range, we can rightly take warning. Companies that produce commodities — oil, iron, copper or the like —…
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Devil in the details for Steelworkers special session
Gov. Mark Dayton and Senate DFLers are still seeking a special session to help Steelworkers whose unemployment will run out between now and March. They also seek economic measures to address racial disparities in the state. As we discussed last week, House Republicans declined to support such a session unless Dayton established support for two controversial projects, the…
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Is this the 1980s again on the Iron Range?
I grew up in the 1980s on a junkyard just a few miles south of Eveleth Taconite. Growing up on a junkyard is probably the best way to understand the things humans build, sell, use and discard. So let’s consider a new car. I’ve only ever bought one brand new car fresh off the lot. It…
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Cliffs will idle another Iron Range mine through March
This morning Cliffs Natural Resources announced that beginning on Dec. 1 it would idle Northshore Mining in Babbitt and Silver Bay at least through March of 2016. Cliffs also announced that already-idled United Taconite in Eveleth would remain shut down at least that long as well. Company leaders say the shutdown will end when market conditions…
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Cliffs seeks permits for value-added iron
Cliffs Natural Resources faces several serious problems: huge debt, an anemic iron ore price, tougher global competition. Nevertheless, Cliffs is announcing that it the company is moving on its proposals to convert a production line at Northshore Mining to direct-reduced iron and to add a flux pellet at the soon-to-be-idled United Taconite. The Mesabi Daily News…
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With contracts looming, Range mines crunch numbers
No matter your job or politics, ten dollars is always ten dollars. By some reports, that’s how much money some Iron Range mines need to shave off their cost for a ton of taconite iron ore to survive the coming global steel industry contraction. John Myers at the Duluth News Tribune reported on this last weekend, highlighting…
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Cliffs lays off 100 Iron Range salaried workers
On Monday, Cliffs Natural Resources announced 100 job cuts at its Northern Minnesota mines affecting salaried workers at Hibbing Taconite, United Taconite in Eveleth and Northshore Mining in Babbitt and Silver Bay. Cliffs had declared optimism about avoiding Iron Range shutdowns just last week, but also unveiled a mine closure in Michigan and huge first quarter losses.…
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Cliffs optimistic even as other Iron Range mines struggle
UPDATE: Post amended to add Cliffs plant shutodown in Michigan. We’ve spend an exhausting amount of digital ink and radio blathering on the struggles facing Iron Range mines amid a global contraction in steelmaking and iron ore. U.S. Steel properties in Northern Minnesota are preparing for shutdown that could last the rest of the year, while…
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New Cliffs leadership commits to iron ore strategy
After a dramatic company shake-up last month, the new CEO of Cliffs Natural Resources is vowing to focus on mining, processing, and shipping iron ore from the Great Lakes region, especially from the Mesabi Iron Range. Cliffs operates and co-owns half the mines on the Iron Range, including Hibbing Taconite, United Taconite in Eveleth and…