Cleveland-Cliffs, a major player in the steel industry, has announced plans to temporarily halt operations at several of its plants. This decision comes after the company reported a wider loss and lower revenue figures. The move is expected to result in significant layoffs as the facilities in question will be closed indefinitely. Despite the presence of tariffs, the steel industry continues to face challenges that have led to such drastic measures by Cleveland-Cliffs.
— new from Barron’s