Minnesota’s iron ore producers have mostly been cutting back lately as global steel demand slumps.
But the CEO of Cliffs Natural Resources gave the state two turns of good news Wednesday, when he targeted a different state in which to idle a taconite plant and announced that he wants to build a “direct-reduced iron” plant in Minnesota that could supply high quality iron to mills across the Midwest.
If the facility goes forward, it would be the only one in Minnesota and would require millions of dollars in investments at a time when the global iron ore industry has seen prices plummet 60 percent from a year ago.
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