ArcelorMittal, the world’s largest steelmaker, is suspending a major expansion of its Mont-Wright iron ore mine in northern Quebec due to poor market conditions, a spokesman said on Thursday.
The company, which employs some 2,500 workers at the mine, informed the United Steelworkers union this week that it will not start expansion work in June as planned. The project would have extended the mine’s lifespan by 15 years to 2045.
The decision was based on the project cost, “fairly high” mine production costs, low iron ore prices and global competition, said ArcelorMittal spokesman Paul Wilson.
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