Minnesota to Benefit From Chinese Shift to Higher Quality Iron Ore
The Iron Range of Minnesota is set to benefit from emerging trends in the way steel mills in China purchase iron ore.
A story in The Wall Street Journal notes China, which buys about two-thirds of global iron ore exports, “is growing increasingly picky about the kind of iron ore it wants.”
The trend has developed because China is seeking higher-grade iron ore to reduce pollution. As a result, Cleveland Cliffs, a Cleveland-based mining company, is “closing its low-grade iron-ore business in Australia to focus on producing high-in-iron pellets from mines in Michigan and Minnesota.” the newspaper notes.
The announcement is good news for the environment and good news for the Iron Range, where the iron industry accounts for about $3 billion in economic activity and supports thousands of jobs.