Cleveland Cliffs announced they will be idling several plants in Pennsylvania as well as stopping investment in a West Virginia plant after reporting a nearly half billion loss.
After reporting a net loss of $483 million in the first quarter, Cliffs will be idling facilities in Montgomery and Dauphin counties, while a $150 million investment to the Weirton, West Virginia plant is being canceled. It will cost that area 600 jobs after announcing the expansion in July of last year.
It was intended that the Butler Plant would provide parts of transformers to be built in the Weirton plant.
Cliffs CEO and Chairman Lourenco Goncalves in statement said these changes will “streamline our operations and enhance efficiency.”
Goncalves also says focus for Cleveland Cliffs will turn toward the automotive industry in support of the Trump Administration efforts.
