Stelco acquires option to buy 25% stake in Minntac iron ore mine from U.S. Steel

Stelco has entered into an option agreement with U.S. Steel to purchase a 25% ownership interest in a joint venture that will own the Minntac iron ore mine in Mt. Iron, Minnesota. Stelco will pay US$100 million in installments for the option, with a net exercise price of US$500 million.

“Stelco entered into an option agreement with U.S. Steel granting Stelco a long-dated option to purchase a 25% ownership interest in a to-be-formed Joint Venture that will own 100% of U.S. Steel's iron ore mine located in Mt. Iron, Minnesota.”newswire.ca

• 1 source
• newswire.caStelco Announces Option to Acquire 25% Interest in Minntac, the Largest Iron Ore Mine in the United States, and Entry into Long-Term Extension of Pellet Supply Agreement with U.S. SteelStelcoApr 30, 2020

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