Cleveland-Cliffs (NYSE:CLF) -1.8% in Friday's trading following news it will temporarily idle two factories in Minnesota, resulting in 630 layoffs, according to the Minnesota Star Tribune. The largest producer of flat-rolled steel in North America said the closures are “necessary to rebalance working capital needs and consume excess pellet

Cleveland-Cliffs has confirmed its plans to idle two of its plants on Minnesota's Iron Range, resulting in 630 workers being laid off.

Facing a slowdown among their large automotive clients, the leaders of Cleveland-Cliffs Inc. have in recent days said they will idle two plants in Minnesota and another in Michigan and lay off roughly 1,200 workers.