Steel Products Prices North America
Minnesota Mine Hopes to Restart Taconite Project
Written by Sandy Williams
March 29, 2017
Mesabi Metallics, the former Essar Steel Minnesota, is seeking permission from the District of Delaware Bankruptcy Court to recommence construction activities on its taconite mine and processing plant in Nashwauk, MN. A court hearing is scheduled for April 5.
Earlier this month the court gave the company permission to renew labor agreements with construction workers and to enter into a “neutrality/card-check” agreement with United Steelworkers. The card check agreement gives the USW the authority to canvass workers about joining the union without interference by management.
Mesabi Metallics hopes to pull itself out of bankruptcy protection by paying off debt and restarting work on its half-finished taconite facility. The company plans to invest $800 million to finish the project.
The company continues to experience pushback from Governor Mark Dayton who has tentatively promised the mineral leases to Cliffs Natural Resources. Iron Range legislators, for the most part, are in favor of letting Mesabi Metallics retain the leases and move ahead with the project.
In a letter to the Minnesota Department of Natural Resources, seven Range legislators wrote that they were satisfied with the efforts being made by Mesabi Metallics to address concerns of state and local stakeholders and to pay debts due to local contractors and vendors. The legislators urged the DNR to award the leases to Mesabi Metallics.
Sandy Williams
Read more from Sandy WilliamsLatest in Steel Products Prices North America
HRC vs. busheling spread narrows in August
The price spread between prime scrap and hot-rolled coil (HRC) narrowed in August, according to SMU’s most recent pricing data.
SMU Price Ranges: Market drifts lower still
All five of SMU's steel sheet and plate price indices declined this week, falling to lows last seen in February.
Discontentment brews in plate market with flat, status-quo pricing
Sources in the carbon and alloy steel plate market said they are less discouraged by market uncertainty resulting from tariffs or foreign relations, but are instead, eager to see disruption to the flat pricing environment.
Nucor lowers HR coil spot price by $15/ton
Nucor has implemented a double-digit price decrease on spot hot-rolled (HR) coil for the second consecutive week.
SMU Price Ranges: Sheet and plate move ‘soft sideways’ to start August
Sheet and plate prices were either flat or modestly lower this week on softer demand and increasing domestic capacity.