AMERICAS
2020 was a great year for iron ore mining
2020 was topsy-turvy for the Minnesota iron mining industry. The industry was hard hit by plant idlings, employee furloughs and a slowdown in demand. Mega consolidations and acquisitions are, at the same time, promising to lead the iron and steel industries to a new future. About 20 years ago, significant market restructuring occurred. This year, however, even further restructuring took place. Leading the way was Cleveland-Cliffs, Inc.
T
wo big consolidations were completed by Cliffs, which moved the 173-year-old firm into steelmaking for the first time.
In its mammoth Minntac Mine in Mountain Iron, United States Steel Corp.
expanded into electric arc furnace steel making and agreed to option interest. In the spring, after the industry hit the skids, domestic steel prices and global iron ore prices skyrocketed to the highest levels in years by the end of 2020. “It
14 | SKILLINGS MINING REVIEW February 2021
was a remarkable year in a lot of different respects,” said Kelsey Johnson, Iron Mining Association of Minnesota president. “The Iron Range facilities are all integrated into steelmaking facilities. It's not like they're trying to sell iron ore on the open market anymore.”
