Iron ore miner Arrium is getting hammered on the Australian stock market today with shares down about 8% to $0.207.
The resources company announced this morning it was shutting its South Australian mine it bought in 2011 for $320 million and flagged more than $1.3 billion in write-downs as part of a cost-cutting drive prompted by falling iron ore prices.
There are reports about 600 jobs will be lost when the Southern Iron mine is closed.
Mid-tier iron ore miners have been under huge pressure in recent months with the drop off in the iron ore price which was down another 1.5% overnight to $US66.79 a tonne.
Here’s the chart which shows the miner’s shares plunged in early trade before recovering about half the losses only to fall lower again.