# 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.

- Type: Acquisition
- Announced: 2020-04-30
- Where: Mt. Iron, Minnesota, United States
- Value: $100.0M
- Status: announced
- Capacity: 16 million tons per year of iron ore pellets
- Products: iron ore pellets
- Sectors: [Steel and Metal Products](https://endata.com/sectors/steel-metal-products.md)

## Companies

- [United States Steel Corporation](https://endata.com/companies/15282.md) (target)
- [Stelco](https://endata.com/companies/25295.md) (acquirer)

## Sources

- [newswire.ca](https://www.newswire.ca/fr/news-releases/stelco-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-steel-884858707.html), 2020-04-30: "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."

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Data from Endata (https://endata.com/). Announcements are summarized from public sources and may be incomplete; check the linked originals.