SDI finalizes land buy for nugget production plant

Dec 03, 2007 | 07:12 AM | Michael Cowden

Steel Dynamics Inc., Fort Wayne, Ind., has completed a deal to buy approximately 6,000 acres of land on the Mesabi Iron Range where it plans to build and operate an iron nugget-making plant.

Construction in now under way on the project, which is expected to have annual capacity of 500,000 tonnes. Production is expected to begin in mid-2009, SDI said.

Iron ore mining company and processor Cleveland-Cliffs Inc., Cleveland, had previously operated a taconite mine on the land in Hoyt Lakes, Minn., the mini-mill steelmaker said Monday. SDI bought the land from Cleveland-Cliffs, which had acquired it from the former LTV Corp. SDI said it had also acquired mineral rights for the land as well as for another nearby property.....

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