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Article: Oversupply to Close Hibbing, Minn., Metal Plant.
- Article from:
- Knight Ridder/Tribune Business News
- Article date:
- August 6, 1999
- Author:
CopyrightCOPYRIGHT 1999 Knight-Ridder/Tribune Business News. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Knight Ridder/Tribune Business News
Aug. 5 -- Hibbing Taconite Co. is shutting down for five weeks beginning Sunday and 605 of the taconite plant's 650 hourly workers will be laid off as Cleveland-Cliffs Inc. moves to reduce mounting taconite pellet inventories.
Forty-five hourly workers will be kept on the job to perform some routine maintenance and work on a tailings dam project. Hibbing Taconite's roughly 200 salaried employees will remain on the job.
The shutdown -- one week shorter than the six-week shutdown which Cliffs announced Monday -- is designed to trim Cleveland-Cliffs' taconite pellet inventory, estimated at 4 million to 5 million ...