Minnesota Power Signs 10-Year Contract to Supply Electricity to World’s Largest Steelmaker
Minnesota power has signed a 10-year contact to supply electricity to ArcelorMittal, the world’s largest steelmaker.
The electric service agreement runs through December of 2025 and will supply electricity to the steelmaker’s Minorca mine near Virginia, Minnesota.
Minnesota power filed the new contract Tuesday with the Minnesota Public Utilities Commission. The contract is subject to regulatory approval.
“This long-term contract reflects a commitment to the future of mining on the Iron Range,” said Alan R. Hodnik, ALLETE Chairman, President and CEO, “It also illustrates the strength of the relationships Minnesota Power has built over the years with ArcelorMittal and other large industry in northeastern Minnesota. Minnesota Power continues to be the premier energy supplier on the Iron Range.”
The Minorca mine produces nearly three million tons of customized fluxed pellet a year for use at it’s flagship blast furnace at Indiana Harbor Works near Chicago.
“ArcelorMittal Minorca Mine is pleased that the cooperative effort between the mine and Minnesota Power on the new long-term electric service agreement meets our energy needs in a competitive manner,” said Vice President/Operations Manager John Holmes.