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Steel Dynamics announces indefinite idle of Minnesota operations

Steel producer and metals recycler Steel Dynamics Inc., Fort Wayne, Ind., has announced plans to idle its Minnesota iron-making operations in Chisholm and Hoyt Lakes, Minn., effective immediately. These operations comprise a jointly owned iron concentrate production facility (Mining Resources) and a jointly owned iron nugget production facility (Mesabi Nugget).

Operations will cease for 24 months initially in response to the continued significant decline in pig iron pricing, which has resulted in the cost of iron nugget production being significantly higher than the product's selling values.

About 200 jobs will be eliminated in Minnesota, but the company says it is taking numerous steps to provide opportunities for employment at other locations and subsidiaries where available. A small group of individuals will be retained in Minnesota to maintain the site and facilities.