Minnesota Power Signs Decade-Long Contract to Supply Electricity to World’s Largest Steelmaker
November 24 2015 - 6:30AM
Business Wire
Minnesota Power, a division of ALLETE (NYSE: ALE), and
ArcelorMittal, the world’s largest steelmaker, have agreed to a new
10-year electric service agreement through December 2025 to supply
electricity to the steelmaker’s Minorca mine near Virginia,
Minn.
“This long-term contract reflects a commitment to the future of
mining on the Iron Range,” said Alan R. Hodnik, ALLETE Chairman,
President and CEO. “It also illustrates the strength of the
relationships Minnesota Power has built over the years with
ArcelorMittal and other large industry in northeastern Minnesota.
Minnesota Power continues to be the premier energy supplier on the
Iron Range.”
Minorca, which is wholly owned by ArcelorMittal, produces nearly
3 million tons annually of customized fluxed pellets for use at its
flagship blast furnace at Indiana Harbor Works near Chicago.
“ArcelorMittal Minorca Mine is pleased that the cooperative
effort between the mine and Minnesota Power on the new long-term
electric service agreement meets our energy needs in a competitive
manner,” said Vice President / Operations Manager Jonathan
Holmes.
Minnesota Power filed the new contract today with the Minnesota
Public Utilities Commission. The contract is subject to regulatory
approval.
Minnesota Power provides electric service within a
26,000-square-mile area in northeastern Minnesota, supporting
comfort, security and quality of life for 144,000 customers, 16
municipalities and some of the largest industrial customers in the
United States. More information can be found at www.mnpower.com.
ALE-ENRG
The statements contained in this release and statements that
ALLETE may make orally in connection with this release that are not
historical facts, are forward-looking statements. Actual results
may differ materially from those projected in the forward-looking
statements. These forward-looking statements involve risks and
uncertainties and investors are directed to the risks discussed in
documents filed by ALLETE with the Securities and Exchange
Commission.
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version on businesswire.com: http://www.businesswire.com/news/home/20151124005192/en/
Minnesota Power/ALLETEAmy Rutledge, 218-723-7400Manager -
Corporate Communicationsarutledge@mnpower.com
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