Cleveland-Cliffs announces layoffs of 600 Michigan plant workers
Penn Mutual Management Cio Mark HEPPENSTAL weighs president Donald Trump’s recent move to impose a 25 % tariff on auto imports to the United States
Steelmaker Cleveland-CLIFFS announced this week that it will meditate on one of its production factories and lay off about 600 workers, indicating the nice demand for steel used in cars manufacturing.
Cleveland-Clevoz said it will work on parts of its factory in Dearborn, Michigan, this summer and the layoff of nearly 600 employees because of what he said was “the current reality of the production of weak cars in the United States”
The company plans to temporarily reduce melting oven and an essential store for oxygen in the steel oven and continuous casting factories in Derborn. The hairstyles will be valid July 15.
“These procedures will allow the company to work more efficiently and in a more cost -effective manner for the current market environment,” Cleveland Clevs said in a statement. “We believe that once President Trump’s policies are fully implemented and cars, we must be able to resume steel production in Derborn.”
President Trump announces the tariff of new cars
Cleveland Kivose said that the demobilization of the workers was due to the demand for the soft car industry on steel. (Dustin Franz / Bloomberg via Getty Images / Getty Images)
By mid -July, Cleveland Works C6 Bord is expected to return to full work after she was at risk last year. He added that the completion of Dearborn and workers, including the pickled cold and the continuous Al -Jalfan line, will continue to run and support the continuous employment of 550 other workers.
| index | protection | last | Changing | % Change |
|---|---|---|---|---|
| CLF | Cleveland Calvis. | 9.33 | +0.20 |
+2.25 % |
The company’s layoff in Michigan follows the Cleveland-Clevs advertisement that it will exclude 630 employees in the state of Minnesota because it flies its mine in Minorca and IDLes part of Hibbing mining. This layoff will start in May.
Trump’s tariff increased by 25 % on all steel, aluminum imports apply, which leads to revenge on Europe
The Steel train at Cleveland-Cleviest Cleveland carries steel in Cleveland. (Luke Sharrtt / Bloomberg via Getty Images / Getty Images)
A message from Robert E showed. Fisher, an executive company for human resources and business relations in Cleveland, which was obtained by WDIO ABC that the company expects to be temporary layoffs.
“We cannot predict its length, which may exceed six months,” says the message.
The letter also mentioned “Low demand for local steel” in 2024 as it contributed to this step due to the accumulation of excessive iron ore stock.
Get Fox Business on the Go by clicking here
The Cleveland-Clevings shares fell more than 13 % last month, but it decreased by only 2.7 % so far. The price of its share increased more than 2 % a day from mid -afternoon.
2025-03-27 20:07:00
