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US Steel Signs Long-Term Iron Ore Sales Agreement with Algoma Steel

Steel News - Published on Wed, 20 May 2020

Image Source: US Steel Algoma Steel Iron Ore Pellets
United States Steel Corporation announced a four-year agreement to sell substantial volumes of quality iron ore pellets to Ontario in Canada based Algoma Steel Inc. The purchase agreement, which runs from 2021 through 2024, provides incremental volume and a new long-term iron ore customer for US Steel’s Minnesota mines.

This is the second significant iron ore purchase agreement US Steel has finalized in 2020. The other agreement announced on April 30, 2020 included another party’s option to acquire a 25 percent interest in the Company’s Minntac iron ore operation for an implied enterprise value of USD 2.4 billion for the Minntac operation. The contracts advance US Steel’s commitment to extract incremental value from the company’s iron ore assets as part the Company’s best of both strategy which was announced October 1, 2019.

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Posted By : Yogender Pancholi on Wed, 20 May 2020
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