Steel Blog

Governor Mark Dayton expressed his support of Chippewa Capital Partners to revive the Essar Steel Minnesota iron ore mining site. In an open letter to people on the Iron Range, Dayton said Chippewa has satisfied its obligations under the bankruptcy proceedings and may move forward with plans to construct a taconite pellet plant.



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Cleveland Cliffs Expands Pellet Capacity

Wednesday, 04 October 2017 08:14

Cleveland Cliffs is now complete owner of Tilden Mining Company located in Ishpeming, Mich. Cliffs purchased U.S. Steel's 15 percent equity interest in the mine for $105 million.



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Spot iron ore pricing dropped 7.4 percent within the past 24 hours with 62% Fe iron ore fines hitting $63 per dry metric ton (dmt). Iron ore has dropped $15.80/dmt over the past month. On Aug. 22, 62% Fe fines were trading at $78.8/dmt, according to The Steel Index.



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Algoma Lenders Make Deal on Taxes with City

Wednesday, 16 August 2017 15:10

Lenders pursuing the purchase of Canadian steel mill Algoma have reached an agreement with the City of Sault Ste. Marie regarding payment of Algoma's back taxes.

We have settled the tax issue," Mayor Christian Provenzano told The Sault Star. "We are satisfied that we recovered enough moneys in our negotiations to ensure that we were very fair to the taxpayers of the City of Sault Ste. Marie and that they're protected. We won't have to pass on any tax increases or service cuts as a result of this issue."



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Cliffs Natural Resources, in celebration of 170 years in business, has returned to its historical name Cleveland-Cliffs Inc.

"The historical name Cleveland-Cliffs is synonymous with our strong heritage and is the perfect one for our next era of growth," said Chairman, President and CEO Lourenco Goncalves.



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Cliffs Natural Resources, in celebration of 170 years in business, has returned to its historical name Cleveland-Cliffs Inc.

"The historical name Cleveland-Cliffs is synonymous with our strong heritage and is the perfect one for our next era of growth," said Chairman, President and CEO Lourenco Goncalves.

On Monday, the futures markets surged 7 percent in China. We reached out to one of our trading contacts in China to see what we could learn about physical steel trading prices into the export markets out of China:

Future's market jumped 7% yesterday but only on Hot Money influx. Spot market was up RMB15 per metric ton on Debars [rebar] and Ore respectively, a mere USD2.15 per metric ton (MT).



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Cliffs Natural Resources is psyched to begin construction on its HBI facility. The company is currently in discussions with potential financial partners that align with Cliffs' strategy for growth. CEO Lorenzo Goncalves says a financial partner for a $700 million private investment is not necessary to move the project forward, but would be nice to have.

The HBI plant to be constructed in Toledo, Ohio, will be fed by pellets from Cliffs' own mines and will serve EAF mills in the Great Lakes region. Goncalves plans to run HBI production the same way the company does its iron ore pellets—reliable and consistent quality, tailor-made for each customer, he said. The facility will have a capacity of 1.6 million long tons and be completed in 2020. The HBI facility will expand Cliffs' customer base to both blast furnace and EAF steelmakers, as well as providing a high margin outlet for 2.5 million long tons of its own pellets.



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Cliffs Natural Resources announced today that it has selected Toledo, Ohio, to be the site of its first hot briquetted iron production plant. Midrex Technologies will design, engineer and procure equipment for the new plant, which will produce at least 1.6 million tons of HBI per year.



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Essar Steel Minnesota Sale Approved

Wednesday, 14 June 2017 15:31

Mesabi Metallics, the former Essar Steel Minnesota, emerged from 11 months of bankruptcy on Tuesday with a new owner, Chippewa Capital Partners.

Chippewa Capital is a joint venture of London-based GFG Alliance and billionaire Tom Clarke. Clarke is also the owner of Magnetation and hopes to use the taconite ore from both facilities to produce hot briquetted iron, or HBI, at a direct reduced iron (DRI) plant to be built at the Mesabi Metallics site in Nashwauk. Annual iron ore production is expected to top 8 million tons with 7 million tons from Mesabi Metallics and 1 million tons from Magnetation. HBI is a premium form of DRI that is used to make steel at electric arc furnace minimills. For the time being, ore from the two mines will feed Clarke’s existing pellet plant in Reynolds, Ind.



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