Indiana-based Steel Dynamics Incorporated (SDI) has purchased the Mesabi Nugget plant site in Minnesota's Iron Range, with the intention of pushing ahead with the development project for the site.
The purchase of the site revives the proposed $215 million iron nugget
production project. SDI will now be the driving force behind the project which Cleveland-Cliffs Inc. abandoned in November, the latter deciding instead in favor of the sale of 3,000 acres of the site to SDI.
SDI officials now expect to receive the
construction go-ahead from the Minnesota Pollution Control Agency. The land sale was critical for
construction work to start before Monday, which was the deadline for the expiry of environmental permits for the project. Limited
construction work had already started at the site on Saturday.
The project, located at the former LTV Mining Co. site in Hoyt Lakes, is to use state-of-the-art technology to produce iron nuggets of about 97 percent purity, which may be used in electric arc furnaces.