Steel Mills
Cliffs Moves Closer to Iron Ore Leases in Nashwauk, Minn.
May 4, 2023
Cleveland-Cliffs has progressed in its attempt to secure iron ore mineral leases at its land near Nashwauk, Minn.
An agreement has been reached with the Minnesota Department of Natural Resources (DNR) and is up for review by the Minnesota Executive Council on May 25, Lourenco Goncalves, Cliffs’ chairman, president, and CEO, said in a statement on Thursday.
“When approved by the MN Executive Council, the leases will be used to provide a long-term extension of Hibbing Taconite’s mine life, securing the future of Hibbing Taconite and the good-paying, union jobs at HibTac, our flagship operation in Minnesota,” Goncalves added.
In early March, new mineral leases for its Hibbing Taconite Co. iron ore mining and pellet processing operations on the state’s Mesabi Iron Range had been approved. At the time Goncalves said those leases could keep HibTac running through at least 2026, and that leases in Nashwauk could keep the facility operating for “decades.”
A joint venture between Cliffs and US Steel, Hibbing Taconite produces about 7.8 million tons of standard iron-bearing pellets and mines about 29 million tons of ore annually, according to Cliffs’ website.
By Ethan Bernard, ethan@steelmarketupdate.com
Latest in Steel Mills
Explosion rocks ArcelorMittal’s DR plant in Mexico
ArcelorMittal reported a "strong" explosion at the direct reduction part of its massive Lazaro Cardenas mill in Mexico.
SDI to acquire remaining stake in New Process Steel
Steel Dynamics Inc. (SDI) announced that it has agreed to acquire the remaining 55% equity interest in New Process Steel.
North Star results improve despite buyer caution as tariffs drive prices higher
North Star BlueScope said it is optimistic that US tariffs will bolster selling prices and tighten the spread the Australia-based steel maker suffered in 2025.
AISI: Domestic steel production edges down
US raw steel production declined last week, according to the latest data released by the American Iron and Steel Institute (AISI).
Cliffs inks longer-term contracts with US automakers hedging tariff inflation: Report
Cleveland-Cliffs Inc. has reportedly signed "unusually long" fixed-price supply agreements with multiple US automakers.