Posted at: 10/25/2012 1:43 PM
Updated at: 10/25/2012 4:49 PM
On an earnings conference call, the CEO of Cliffs Natural Resources, Joe Carrabba, said the company may have to idle production lines next year.
Cliffs Natural Resources is looking ahead to the future, and believes a weaker demand for iron ore may lead to idling some production lines next year.
Mines mentioned include Hibbing Taconite and Northshore Mining, and the Empire Mine in Michigan.
Carrabba said that a combination of idled lines could be done as well. But the company has to wait for final decisions because customer orders are still coming in through November.
Frank Jenko, president of the local at Hibtac, said it shows that steel imports are hurting our economy. He is concerned, but understands that nothing has been decided for certain at this point.