Steel Products Prices North America
![](https://www.steelmarketupdate.com/wp-content/uploads/sites/2/media/k2/items/src/e19e40b494183f892661fb316ec9ea7f.jpg)
Mesabi Metallics Defies Expulsion from Iron Range with New COO Hire
Written by Sandy Williams
May 18, 2021
Mesabi Metallics isn’t acting like a firm that is about to lose its position on the Iron Range. The company hired a new president and chief operating officer, selecting Larry Sutherland, former manager of U.S. Steel’s Minnesota Ore Operations, to join the executive team.
“I am excited to join Mesabi Metallics’ journey to complete the largest investment program in the history of Minnesota at the former Butler Taconite Mine, where I started my iron ore and steel career about 40 years ago,” said Sutherland.
Mesabi has formally notified the Minnesota Department of Natural Resources that it disputes the legality of mineral lease terminations by the agency. The company said in a statement Sunday evening, “Mesabi Metallics believes that it has met all material conditions necessary for the 2020 (master lease amendment) agreement to be fully effective.” The company said it now has binding and enforceable financing commitments of $850 million to complete the development of the mining and pellet operations in Nashwauk.
“For these reasons, Mesabi Metallics has formally notified the DNR that it disputes the existence of a proper legal basis for issuing any termination notices in respect of the state leases,” the company said in its release. “In the meantime, Mesabi Metallics remains fully committed to the project and is continuing to increase jobs on the site as it develops the mine for the benefit of Nashwauk and northern Minnesota.”
The DNR announced on May 7 that it would begin terminating the mineral leases held by Mesabi Metallics after the company failed to meet its May 1 extension to fulfill its leasing obligations. The announcement resulted in Cleveland-Cliffs and U.S. Steel both expressing interest in taking over the leases.
And so the saga continues…
![](https://www.steelmarketupdate.com/wp-content/uploads/sites/2/2023/04/sandy-williams.jpeg)
Sandy Williams
Read more from Sandy WilliamsLatest in Steel Products Prices North America
![](https://www.steelmarketupdate.com/wp-content/uploads/sites/2/2023/07/CRU-Logo-2023-07-21-at-4.35.41-PM.png)
CRU: Longs pricing trends diverge in North, South America
Most longs prices in the US were unchanged this month, except for rebar, which declined by $1.50/cwt ($30/short ton) m/m. While end-use demand is stable, inventories are well-stocked, keeping purchases limited. Domestic availability is sufficient to meet current demand, hindering the appetite for imported material. Meanwhile, prices for scrap remained under pressure in June, with […]
![](https://www.steelmarketupdate.com/wp-content/uploads/sites/2/images/Featured_News_Icons/Nucor.png)
Nucor cuts plate prices by $125/ton, cites ongoing competition
Nucor Corp. announced that its plate mill group would cut prices for as-rolled, discrete, and normalized plate with the opening of its August order book.
![](https://www.steelmarketupdate.com/wp-content/uploads/sites/2/images/Featured_News_Icons/Nucor.png)
Nucor cuts HR price for fourth straight week
Nucor lowered its consumer spot price (CSP) for hot-rolled (HR) coil by another $10 per short ton (st) for the first week of July. The steelmaker said in a letter to customers on Monday that its CSP base price for the week will be $670/st for all of its sheet mills with the exception of California Steel Industries (CSI).
![](https://www.steelmarketupdate.com/wp-content/uploads/sites/2/images/Featured_News_Icons/Cliffs_logo2.2.png)
Cliffs sets $720/ton HR price with opening of August books
Cleveland-Cliffs on Tuesday announced its monthly hot-rolled (HR) coil price of $720 per short ton (st) with the official opening of its August order book. The rate is down from last month’s price of $800/st.
![](https://www.steelmarketupdate.com/wp-content/uploads/sites/2/2023/07/CRU-Logo-2023-07-21-at-4.35.41-PM.png)
CRU: Demand weakness continues to weigh on global sheet markets
Demand has remained persistently weak across the globe for sheet steel, weighing on prices. US HR coil prices fell the furthest this week as high-volume, low-priced deals were transacted as mills looked to fill order books and competed with one another amid relative demand weakness. Meanwhile, European prices were also down due to low demand […]