News Cut: December 3, 2008 Archive

How quickly a boom can bust

Posted at 10:23 AM on December 3, 2008 by Than Tibbetts (2 Comments)
Filed under: Economy

It's been a whirlwind of a year for many folks on the Iron Range.

Yesterday, U.S. Steel announced it was laying off 400 people at its taconite plant in Keewatin. Just 10 months ago in February, the company announced a $300 million expansion at the plant.

A quick trip through the headlines shows how quickly things can change.

June
Range boom triggers housing concerns

July
Mining giant Cliffs gets bigger with merger - The proposed $2.7 billion merger was called of a few weeks ago.

September
Essar Steel breaks ground on Nashwauk plant

Renewable fuel plant would create jobs, coal alternative

October
Furnances at two taconite mines idled by downturn in steel market

November
Iron Range sees hope in Chinese stimulus plan

Cliff's (Hibbing Taconite and Eveleth's United Taconite) warns of possible layoffs

Of course, there are still plenty of projects silently moving forward and many city councils and economic development agencies working hard to create new jobs up north. But as the taconite industry goes, so goes prosperity for many people on the Range.

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