Cliffs Natural Resources Inc. announced Friday that its wholly owned subsidiary, Pinnacle Mining Co., LLC, is calling back about 100 employees back to work at its Pinnacle and Green Ridge No. 1 mines. Employees are expected to return to work early in August.
The callback was prompted by a modest improvement in current orders and in the market expectations going forward. Both mines had been idled.
The Pinnacle and Green Ridge No. 1 mines are located near Pineville and produce metallurgical coal for the steel industry. Metallurgical coal demand has been reduced as the steel industry has cut back production in the face of the global economic slowdown.
In April, Cleveland-based Cliffs announced it was indefinitely idling the Green Ridge No. 1 mine, reducing operations at the Pinnacle preparation plant and halting production at the Pinnacle mine for approximately two months. The moves resulted in the layoffs of about 290 employees.
Cliffs Natural Resources is an international mining and natural resources company. It is the largest producer of iron ore pellets in North America, a major supplier of direct-shipping lump and fines iron ore out of Australia and a significant producer of metallurgical coal.
The North American business unit is composed of six iron ore mines owned or managed in Michigan, Minnesota and Eastern Canada, and two coking coal mining complexes located in West Virginia and Alabama. The Asia Pacific business unit is composed of two iron ore mining complexes in Western Australia and a 45 percent economic interest in a coking and thermal coal mine in Queensland, Australia. The South American business unit includes a 30 percent interest in the Amapá Project, an iron ore project in the state of Amapá in Brazil.
Source: Beckley Register-Herald
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