Reported about 13 hours ago
Cleveland-Cliffs has announced the permanent closure of its Steelton, Pennsylvania plant, one of only three major track rail producers in the U.S., due to low demand. This closure, set for January 13, 2026, will result in the loss of 500 jobs, leaving Steel Dynamics, Inc. and Orion Steel as the only remaining heavyweight rail manufacturers in the country. Despite the plant closure, Cleveland-Cliffs' stock has surged by 135% since the announcement as the company plans to diversify its business.
Source: YAHOO