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PINEVILLE, W.Va. (AP) -- Cliffs Natural Resources Inc. plans to temporarily idle its Pinnacle underground mine in southern West Virginia.
In a regulatory filing, Cleveland-based Cliffs attributes the decision to poor market conditions for metallurgical coal.
Cliffs says in its Wednesday filing with the Securities and Exchange Commission that the mine would be idled around Aug. 25 if market conditions don't improve. The mine's idling could last more than six months.
Pinnacle spokeswoman Patricia Persico says 397 hourly employees would be laid off if the mine is idled.
Located in Pineville, the mine produced 2.8 million tons of met coal in 2013. It employs about 575 workers.
Cliffs says it has issued 60-day notices to workers at the mine, the United Mine Workers of America and state and local government agencies.
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CLIFFS Natural Resources
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PRODUCER |
CODE : CLF |
ISIN : US18683K1016 |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
CLIFFS Natural Res is a iron producing company based in United states of america. CLIFFS Natural Res produces iron, coal in Australia, in Brazil and in Canada, and holds various exploration projects in Canada. Its main assets in production are WABUSH MINE, EMPIRE AND TILDEN MINES, HIBBING TACONITE, NORTHSHORE MINE, UNITED TACONITE, OAK GROVE MINE, GREEN RIDGE MINE and PINNACLE MINE in Canada, AUSTRALIAN IRON ORE and SONOMA in Australia and AMAPA in Brazil and its main exploration properties are MT JACKSON J1 in Australia and DIAGNOS, WAWA, FREEWEST, MC FAULD'S LAKE, MACFADYEN, WAWA CLAIMS and BIG DADDY in Canada. CLIFFS Natural Res is listed in France, in Germany and in United States of America. Its market capitalisation is US$ 3.4 billions as of today (€ 3.1 billions). Its stock quote reached its highest recent level on May 16, 2008 at US$ 99.17, and its lowest recent point on January 15, 2016 at US$ 1.20. CLIFFS Natural Res has 297 400 968 shares outstanding. |