Pen Mutual Asset Management CIO Mark Hepanstall weighs the latest step of President Donald Trump, which implements 25% tariff on car imports in America
Steelmaker Cleveland-Cliffs It was announced this week that he would neutralize one of his production factories and shut down about 600 workers citing the soft demand for steel used in auto manufacturing.
Cleveland-Cliffs said that it would neutralize parts of its plant in Dearborn, Michigan, this will lie down to about 600 employees in this summer because it was said that the current reality of “of the reality” was said to be the current reality ” Weak motor vehicle production In America ”
The company has planned to temporarily deactivate its blast furnace, basic oxygen furnace steel shop and continuous casting factories in Dearborne. Sorting will be effective on 15 July.
Cleveland-Cliffs said in a statement, “These actions will allow the company to operate more efficiently and for the current market environment.” “We believe that once the policies of President Trump fully affect and open the motor vehicle production, we must be able to resume steel production in Dearborn.”
President Trump announces new auto tariff
Cleveland-Cliffs said the sorting was due to the demand for a soft motor vehicle industry for steel. (Dustin Franz / Bloomberg Getty Image / Getty Image)
Cleveland-Cliffs said by mid-July, its Cleveland C6 Blast Furnace works, which will return to the entire operation after being inactive last year. It states that the Dearborn Works Finnish plant, including the pickle tendem cold mills and continuous galvanizing line, will continue to operate and support the continuous employment of another 550 workers.
| Langer | Security | Last | Change | Change % |
|---|---|---|---|---|
| CLF | Cleveland-Cliffs Inc. | 8.53 | -0.81 |
-8.63% |
Company Sorting in Michigan Follow the Cleveland-Cliff’s announcement that it would close 630 employees in Minnesota as it neutralizes its mine in Minorca and was part of its mining tasks in Hibbing. They will begin in May.
A freight train Cleveland-Cliffs Inc. Cleveland works steel to Cleveland in Steel Mill. (Through Luke Shrants / Bloomberg Getty Image / Getty Image)
Robert H. Fisher, a Cleveland-Cliffs A letter from the Executive of Human Resource and Labor Relations, who was obtained by WDIO ABC It was explained that the company estimates that the trimming would be temporary.
“We cannot predict their length, which can be more than six months,” the letter states.
The letter also cited “decrease in demand for domestic steel” in 2024, which contributes to the move due to the accumulation of excessive iron ore pill list.
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Cleveland-clifted stock has declined by more than 13% in the previous month, but so far it is just less than 2.7% years. Its share price increased to more than 2% in the day in mid -Thursday.
