Taconite deal could bring 300 new jobs to Iron Range

An Iron Range company that recycles taconite waste from old mines has announced a major deal with a steel company that could result in more jobs in northern Minnesota.

Under the joint venture AK Steel will invest nearly $300 million in privately-held Magnetation. That company's Vice President Matt Lehtinen said there are two key benefits for the company.

"The first is a financing and capitalization of Magnetation and the projects that we have on the books here in Minnesota. Secondly it provides for us a long-term strategic partner to consume our iron ore products," he said.

Nashwauk-based Magnetation is building a second plant on the Iron Range, with plans for two more.

"It's a combination of both the technology we developed and the timing of these high commodity prices that are creating this platform for growth for Magnetation," he said.

It's also looking for a site to locate a new plant to convert the ore concentrate into pellets. All together the projects could create more than 300 new jobs in northern Minnesota.