Cleveland-Cliffs Announces Northshore Mine Production Schedule for 2001.Business Editors CLEVELAND--(BUSINESS WIRE)--Jan. 4, 2001 Cleveland-Cliffs Inc (NYSE NYSE See: New York Stock Exchange :CLF CLF The ISO 4217 currency code for Chile Unidades de Fomento. ) announced today that it intends to reduce iron ore pellet production at its wholly-owned Northshore Mine in Northern Minnesota by approximately 700,000 tons in 2001. The mine has the capacity to produce 4.3 million tons annually, and produced that amount in 2000. Company officials said one of the pellet production furnaces at Northshore will be shut down for an estimated nine-month period, beginning early next week. The potential for layoffs as a result of the cutback cut·back n. 1. A decrease; a curtailment: "The political effects of food cutbacks could be devastating" New York Times. 2. is being evaluated, although the Company said it is looking at reduced overtime and less outside contract work as alternatives to layoffs. John S. Brinzo, Cliffs chairman and chief executive officer, said, "Unfairly traded imports continue to be a major issue for our steel company customers. However, this production cutback at Northshore also reflects the general deterioration in overall steel demand in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. . The Company's sales outlook for 2001, along with production levels at all the mines Cliffs manages are currently under review." Cleveland-Cliffs is the largest supplier of iron ore products to the North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. steel industry and is developing a significant ferrous metallics business. Subsidiaries of the Company manage and hold equity interests in iron ore mines in Michigan, Minnesota and Eastern Canada Eastern Canada (also the Eastern provinces) is the region of Canada generally considered to be east of Manitoba, consisting of the following provinces:
This news release contains predictive statements with respect to iron ore production that are intended to be made as "forward-looking" within the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. protections of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Although the Company believes that its forward-looking statements are based on reasonable assumptions, such statements are subject to risks and uncertainties. Actual results may differ materially from such statements, due to further changes in steel industry business conditions and demand for iron ore pellets by the Company's customers and other mine owners. The information contained in this document speaks as of the date of this news release and may be superseded by subsequent events. News releases and other information on the Company are available on the Internet at http://www.cleveland-cliffs.com. |
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