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Iron Ore Producer Might Impose Production Curtailments in Early 2016
11/18/2015 - U.S. iron ore producer Magnetation LLC has warned employees that it might curtail production at its No. 2 plant in Bovey, Minn., beginning on 31 January 2016.
In an announcement, the company said it is giving notice under the U.S. Department of Labor's Worker Adjustment and Retraining Notification Act, which requires a 60-day warning of the potential for layoffs.
"While any operating curtailment is unfortunate, we must balance our current production with our customers' needs to sustain our business in these challenging markets. In response to this market uncertainty, we must acknowledge that there is a potential for curtailments and layoffs,” said Larry Lehtinen, Magnetation’s chief executive.
"At this time, there is no way to know how long this potential curtailment may last, but we are hopeful that Plant 2 production would resume in 2016,” he said.
Magnetation LLC is a joint venture between Minnesota-based Magnetation Inc. and flat rolled steelmaker AK Steel Corp.
Magnetation recovers high-quality iron ore concentrate from abandoned iron ore waste piles and tailings basins.
On 17 November 2015, Cliffs Natural Resources said it is temporarily idling pellet production at its Northshore Mining operation in Minnesota, citing excess inventory and lack of demand.
"While any operating curtailment is unfortunate, we must balance our current production with our customers' needs to sustain our business in these challenging markets. In response to this market uncertainty, we must acknowledge that there is a potential for curtailments and layoffs,” said Larry Lehtinen, Magnetation’s chief executive.
"At this time, there is no way to know how long this potential curtailment may last, but we are hopeful that Plant 2 production would resume in 2016,” he said.
Magnetation LLC is a joint venture between Minnesota-based Magnetation Inc. and flat rolled steelmaker AK Steel Corp.
Magnetation recovers high-quality iron ore concentrate from abandoned iron ore waste piles and tailings basins.
On 17 November 2015, Cliffs Natural Resources said it is temporarily idling pellet production at its Northshore Mining operation in Minnesota, citing excess inventory and lack of demand.
