DULUTH, Minn.--(BUSINESS WIRE)--
Minnesota Power, a division of ALLETE (NYSE: ALE), and ArcelorMittal,
the world's largest steelmaker, have agreed to a new 10-year electric
service agreement through December 2025 to supply electricity to the
steelmaker's Minorca mine near Virginia, Minn.
"This long-term contract reflects a commitment to the future of mining
on the Iron Range," said Alan R. Hodnik, ALLETE Chairman, President and
CEO. "It also illustrates the strength of the relationships Minnesota
Power has built over the years with ArcelorMittal and other large
industry in northeastern Minnesota. Minnesota Power continues to be the
premier energy supplier on the Iron Range."
Minorca, which is wholly owned by ArcelorMittal, produces nearly 3
million tons annually of customized fluxed pellets for use at its
flagship blast furnace at Indiana Harbor Works near Chicago.
"ArcelorMittal Minorca Mine is pleased that the cooperative effort
between the mine and Minnesota Power on the new long-term electric
service agreement meets our energy needs in a competitive manner," said
Vice President / Operations Manager Jonathan Holmes.
Minnesota Power filed the new contract today with the Minnesota Public
Utilities Commission. The contract is subject to regulatory approval.
Minnesota Power provides electric service within a 26,000-square-mile
area in northeastern Minnesota, supporting comfort, security and quality
of life for 144,000 customers, 16 municipalities and some of the largest
industrial customers in the United States. More information can be found
at www.mnpower.com.
ALE-ENRG
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. Actual results may differ
materially from those projected in the 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.
View source version on businesswire.com: http://www.businesswire.com/news/home/20151124005192/en/
Minnesota Power/ALLETE
Amy Rutledge, 218-723-7400
Manager -
Corporate Communications
arutledge@mnpower.com
Source: Minnesota Power
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