Cliffs one of the largest iron mining companies in North America, is taking a $30m pre-tax charge to earnings in the third quarter to idle operations at renewaFUEL’s plant in upper Michigan.
The plant produces high-energy, low-emission biofuel cubes from sustainably collected wood and agricultural feed stocks that electric utilities burn to generate power.
The facility was commissioned in the first half of this year but has not performed to 150,000 ton-per-year design capacity to justify continued operation, says Cliffs in a statement.
The
