ISHPEMING — After a financially dismal year, Cliff’s Natural Resources is losing money and slashing production. Of which, will include the closing of Upper Peninsula’s Empire Mine.
Officials for the company say Cliff’s is on an upturn in an interview with The Duluth News Tribune, but the company revealed a net loss of $58 million last quarter. Revenues for 2015 were $2 billion, down 40 percent from 2014’s $3.4 billion as sales and production both dropped.
Representatives told the Tribune that an end of life at Empire is a reality, with plans to replace Viceroy iffopellets at Empire with new Mustang pellets at another Cliff’s operated mine. That will happen this year.
The company’s quarterly earnings lowered their sales production volume and expectations from their original plans because of customer demand. The mine is expected to permanently close in 2016.