Cleveland-Cliffs to Lay Off 600 Workers, Idle Facilities Amid Weak Auto Demand

Cleveland-Cliffs has announced it will temporarily idle operations at its Dearborn, Michigan steel plant, leading to the layoff of approximately 600 workers due to weak demand in the U.S. automotive sector. The decision follows a broader trend of reduced production in the auto industry, with analysts noting a downturn of about 8% in February and a forecast of continued decline. While operations at the Dearborn facility will be suspended, a blast furnace at the Cleveland Works is expected to resume operation to compensate for the production loss. This move is part of a strategy to adjust capacity in response to changing market conditions, with the company optimistic about future rebounds linked to the implementation of President Trump's trade policies. Despite the layoffs, Cleveland-Cliffs shares rose, reflecting investor confidence in the company's long-term operational re-balancing efforts. Overall, the company is responding to a challenging market while maintaining a focus on efficiency and future growth.