12:33 PM EDT, 03/21/2025 (MT Newswires) -- (Updates with Cleveland-Cliffs' ( CLF ) throughout.)

Cleveland-Cliffs ( CLF ) shares were down more than 2% in recent trading on Friday, a day after the company issued notices to pause operations at two of its Iron Range mines and pellet plants in Minnesota, impacting 630 workers, a company spokesperson confirmed to MT Newswires.

The company plans to idle its Minorca Mine in Virginia and "partially idle" Hibbing Taconite in Hibbing, the spokesperson said. "These temporary idles are necessary to re-balance working capital needs and consume excess pellet inventory produced in 2024."

Duluth News Tribune reported the story earlier.

Price: 9.31, Change: -0.23, Percent Change: -2.36