According to the Associated Press, the complex – run by Cliffs subsidiary Pinnacle Mining Company – has reduced staff to about 500 issuing pink slips today.

North American business unit president Donald Gallagher directly attributed the move to current market conditions.

“The action at Pinnacle became necessary as the global steel industry has implemented a swift and significant reduction of raw steel production, reducing the demand for metallurgical coal," he said.

Market conditions, officials told the news service, will also dictate the length of the lay-offs.

A company spokesperson did not return an ILN request for comment by press time.

Pinnacle’s complex includes two mines in Wyoming County near Pineville – the Pinnacle and Green Ridge mines – as well as the Pinnacle preparation plant.

Cliffs Natural Resources operates six iron ore mines in Michigan, Minnesota and Eastern Canada as well as three coking coal mines in West Virginia and Alabama.

The company’s merger with Alpha Natural Resources was shelved last month.