Steel Mills
Cliffs Gets OK for Mineral Leases To Extend Life of Hibbing Ore Ops
March 3, 2023
Minnesota officials have granted Cleveland-Cliffs new mineral leases for its Hibbing Taconite Co. iron ore mining and pellet processing operations on the state’s Mesabi Iron Range.
Cliffs chairman, president, and CEO Lourenco Goncalves said the approvals from the Minnesota Executive Council would keep Hibbing Taconite running through at least 2026.
If approved, additional leases in Nashwauk, Minn., could keep the facility operating for years longer, he added.
“We remain confident that once we obtain the state leases to add to Nashwauk land already controlled by Cleveland-Cliffs, we will then be able to extend the life of Hibbing Taconite for decades,” Goncalves said in a statement.
The Duluth News-Tribune reported that Hibbing Taconite risked running out of ore by 2025 unless new mineral leases were approved.
A joint venture between Cliffs and US Steel, the 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.
The operations consists of an open-pit truck and shovel mine, a concentrator, and a pellet plant. The pellets are railed from Minnesota to Superior, Wis., just across the state line from Duluth, Minn. From there, they are shipped across the Great Lakes to Cliffs’ steel mill in Burns Harbor, Ind.
By Ethan Bernard, ethan@steelmarketupdate.com
Latest in Steel Mills
SDI presses on with steel, aluminum investments
Steel Dynamics Inc. remains optimistic about its prospects as it ramps up flat-rolled steel operations and prepares for the production of aluminum products next year. Executives from the Fort Wayne, Ind.-based steelmaker provided an update on the company’s operations on a conference call on Thursday held to discuss SDI’s third-quarter earnings results.
CMC earnings slide, but still near top mark
CMC Fourth quarter ended Aug. 31 2024 2023 Change Net sales $1,996.1 $2,209.2 -9.6% Net income (loss) $103.9 $184.2 -43.6% Per diluted share $0.90 $1.56 -42.3% Full year ended Aug. 31 Net sales $7,925.9 $8,799.5 -9.9% Net income (loss) $485.5 $859.7 -43.5% Per diluted share $4.14 $7.25 -42.9% (in millions of dollars except per share) […]
SDI posts lower Q3 profit, sees better times in ’25
Steel Dynamics Inc. (SDI) reported a drop in third-quarter profits driven largely by lower flat-rolled steel prices. The Fort Wayne, Ind.-based electric arc furnace (EAF) steelmaker also saw scrap prices slip. That happened because of softer demand from domestic mills taking planned maintenance outages.
Cliffs hosts fireside chat on industry, union, government collaboration
Cleveland-Cliffs’s Chairman, President, and CEO Lourenco Goncalves hosted a fireside chat with US Trade Representative Katherine Tai and Acting Secretary of Labor Julie Su on Friday at the company’s plate mill in Coatesville, Pa.
Nippon agrees to sell Calvert stake, if USS deal closes
ArcelorMittal is set to take full ownership of AM/NS Calvert if Nippon Steel finalizes its pending acquisition of U.S. Steel.