SDI completes land buy for iron nugget plant
Dec 03, 2007 | 10:12 AM
| Michael Cowden
Steel Dynamics Inc. (SDI), 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 is now under way on the project, which is expected to have an annual capacity of 500,000 tonnes when it begins production in mid-2009.
The former LTV Corp. 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 Inc., Cleveland, which had acquired it out of bankruptcy from LTV. SDI said it also had acquired mineral rights for the land as well as for other property nearby.....
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