ALLETE announced today that Minnesota Power has reached a five-year agreement to supply electricity to U.S. Steel through at least December 2021.
U.S. Steel is one of the largest taconite producers on the Iron Range, owning Minnetac and Keetac taconite plants and mines, which have a combined production capacity of 22 million tons of iron ore pellets per year.
They also have a 14,7% minority ownership interest in Hibbing Taconite Co., where the annual production capacity is 9.1 million tons of iron ore pellets.
"The strong working relationships Minnesota Power has cultivated over the years with U.S. Steel and other large industries in northeastern Minnesota laid the foundation for this agreement," said Alan R. Hodnik, ALLETE Chairman, President, and CEO. "Securing contracts with these large customers cements Minnesota Power's position as the premier electric energy supplier to the Iron Range."
Minnesota Power filed a petition this week with the Minnesota Public Utilities Commission requesting regulatory approval of the new contract.