DULUTH, Minn.--(BUSINESS WIRE)--ALLETE (NYSE: ALE) announced today that Minnesota Power has reached a five-year agreement to supply electricity to U.S. Steel through at least December 2021.
The largest taconite producer on Minnesota’s Iron Range, U.S. Steel owns the Minntac and Keetac taconite plants and mines on Minnesota’s Iron Range, with a combined production capacity of 22 million tons of iron ore pellets per year. U.S. Steel also has a 14.7 percent minority ownership interest in Hibbing Taconite Co., where the annual production capacity is 9.1 million tons of iron ore pellets.
“This agreement is a testament to Minnesota Power’s commitment to the future of mining on the Iron Range and to the enduring significance of the region’s natural resource industries,” said Alan R. Hodnik, ALLETE Chairman, President and CEO. “The strong working relationships Minnesota Power has cultivated over the years with U.S. Steel and other large industries in northeastern Minnesota laid the foundation for this agreement. Securing contracts with these large customers cements Minnesota Power’s position as the premier electric energy supplier to the Iron Range.”
Minnesota Power filed a petition this week with the Minnesota Public Utilities Commission requesting regulatory approval of the new contract. ALLETE, Inc. is an energy company with headquarters in Duluth, Minnesota. In addition to its electric utilities, Minnesota Power and Superior Water, Light and Power of Wisconsin, ALLETE owns ALLETE Clean Energy, based in Duluth; BNI Energy in Center, North Dakota; U.S. Water Services in St. Michael, Minnesota; and has an 8 percent equity interest in the American Transmission Co. More information about ALLETE is available at www.allete.com. ALE-CORP
The statements contained in this release and statements that ALLETE may make orally in connection with this release that are not historical facts, are forward-looking statements. These forward-looking statements involve risks and uncertainties and investors are directed to the risks discussed in documents filed by ALLETE with the Securities and Exchange Commission.