By rssfeeds-admin The southern Utah company cited “significant fluctuations” in global markets that have created an unusual and strenuous amount of uncertainty for its buyers and sellers as the reason behind its decision.
“We are navigating uncharted waters with unfamiliar and seemingly insurmountable risks,” Utah Iron officials said in a press release. “While it pains us to suspend our mining operations, it is a necessary step while we regroup and adjust to current market pressures.”
According to the news release, Utah Iron LLC employs hundreds of Iron County residents and is one of the largest employers in the county. It is currently unclear how many of Utah Iron’s employees have been impacted. The company also reportedly supports many local and regional businesses, all of which will be impacted.
During the suspension, Utah Iron said its mining officials will be working diligently with partners to find the right solution moving forward.
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