Mesabi Nugget Stays Idled in Hoyt Lakes
Iron Range Plant Stays Idled
An Iron Range mining company’s plant is staying idled.
The Mesabi Nugget plant in Hoyt Lakes idled in February to reduce the company-wide iron nugget inventory and install equipment on the iron concentrate facility in order to re-establish product yield.
However, pig iron pricing has decreased significantly in the past several weeks and is at levels below the company’s expected cash cost to produce iron nuggets.
Now Steel Dynamics Incorporated, which owns Mesabi Nugget, will assess the longevity of this cost and in the meantime will keep the facility idled.