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Algoma Steel signs ore contract with US Steel

Sault steelmaker signs four-year pact with northern Minnesota miner
Cliffs taconite pile
(Cleveland-Cliffs photo)

Algoma Steel has inked an iron ore supply agreement with U.S. Steel to keep the Sault Ste. Marie steelmaker swimming in taconite pellets for the next four years.

In a May 14 news release, Algoma said their existing ore contract was set to expire at year's end. The new four-year deal expires at the closing of the 2024 Great Lakes shipping season.

“This contract provides Algoma Steel with a competitive iron ore supply that will sustain our business through the steel market cycle," said company CEO Michael McQuade in a brief statement.

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More recent hard times in the steel industry, caused by the pandemic, forced Algoma to lay off 70 employees late last month.

Algoma produces 2.8 million tons a year of sheet and plate steel, predominately for customers in the North American auto industry.