Cleveland-Cliffs (NYSE:CLF) -1.8% in Friday's trading following news it will temporarily idle two factories in Minnesota, resulting in 630 layoffs, according to the Minnesota Star Tribune. The largest producer of flat-rolled steel in North America said the closures are “necessary to rebalance working capital needs and consume excess pellet

Cleveland-Cliffs has confirmed its plans to idle two of its plants on Minnesota's Iron Range, resulting in 630 workers being laid off.

Cleveland-Cliffs Inc. plans the temporary layoffs of more than 600 people at two Minnesota operations, a move the company said results from a need to "consume the excess (iron ore) pellet inventory produced in 2024" as a result of "decreased domestic steel demand" that year.