Minnesota Power Signs 10-Year Contract to Supply Electricity to World’s Largest Steelmaker

Minnesota Power Signs 10-Year Contract to Supply Electricity to World's Largest Steelmaker

Minnesota Power has reached a deal with the world’s largest steelmaker to provide electricity through December 2025.

Under the 10-year electric service contract, which is subject to regulatory approval, Minnesota Power will supply electricity to ArcelorMittal’s Minorca mine near Virginia, Minnesota.

“This long-term contract reflects a commitment to the future of mining on the Iron Range,” said Alan 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.”

Minorca produces about 3 million tons of customized fluxed pellets a year for use at its flagship blast furnace at Indiana Harbor Works near Chicago.

“AncelorMittal 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 Jonathon Holmes, ArcelorMittal vice president and operations manager.