The company serves industrial customers primarily in the taconite mining, paper, pulp and secondary wood products, and pipeline industries. In 2022, Cliffs idled all production at its Northshore mine and resumed partial pellet plant production in April 2023. Six taconite facilities owned by Cliffs and USS Corporation and served by Minnesota Power accounted for approximately 80 percent of U.S. iron ore pellet production in 2023. These taconite processing plants use large amounts of electric power to convert iron-bearing rock into pellets, which are mainly shipped to North American steelmaking facilities. Steel production in the U.S. is energy efficient and plays a critical role in various industries and the clean energy transition. Historically, about 10 percent of Minnesota taconite production has been exported outside North America.
Allete Inc's Comment on Supply Chain
The company serves industrial customers primarily in the taconite mining, paper, pulp and secondary wood products, and pipeline industries. In 2022, Cliffs idled all production at its Northshore mine and resumed partial pellet plant production in April 2023. Six taconite facilities owned by Cliffs and USS Corporation and served by Minnesota Power accounted for approximately 80 percent of U.S. iron ore pellet production in 2023. These taconite processing plants use large amounts of electric power to convert iron-bearing rock into pellets, which are mainly shipped to North American steelmaking facilities. Steel production in the U.S. is energy efficient and plays a critical role in various industries and the clean energy transition. Historically, about 10 percent of Minnesota taconite production has been exported outside North America.
Sources:
Allete Inc 's official press releases and regulatory filings; CSIMarket.com's supply-chain research; and the financial filings and press releases of other companies cited in this report.
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