Less than two months after acquiring AK Steel in a $1.1 billion deal, Cleveland-Cliffs Inc. is permanently shuttering three operations at the famed Dearborn Works plant near Detroit.
The Ohio-based steelmaker plans to begin terminating 343 employees on July 5, the company said in a Worker Adjustment and Retraining Notification Act of 1988 notice sent to the state of Michigan.
“Due to rapidly deteriorating business conditions, Cleveland-Cliffs has made the difficult decision to permanently shut down the hot strip mill, annealing, and tempering operation,” the May 1 WARN notice to the state said.
The former Rouge Steel plant, once part of the world’s largest manufacturing complex in Dearborn, fell on hard times after Ford Motor Co. spun it off in 1989 into an independent steel company.
Russian steelmaker OAO Severstal acquired the assets of the bankrupt steel mill for $285 million in 2004. The company made several acquisitions of U.S. steel plants totaling $2.7 billion in…