Minnesota Power Applauds Essar Steel Minnesota's Successful Refinancing as Positive News for Region
October 01 2014 - 6:40PM
Business Wire
Minnesota Power, a division of ALLETE, Inc. (NYSE: ALE) said
today Essar Steel’s announcement that the company has successfully
completed the necessary financing to complete construction of its
open-pit iron ore mine crushing, concentrating and pelletizing
facilities is good news for the region.
Minnesota Power will serve the Essar project with electric power
through a municipal contract with the Nashwauk Public Utilities
Commission. When it reaches full production, 7 million tons, the
Essar facility will require about 110 megawatts of electricity,
which by comparison is more electricity than consumed by the entire
city of Superior, Wisconsin.
“As this region’s premier industrial power supplier, we are very
pleased to see this historic project moving forward,” said ALLETE
Chairman, President and Chief Executive Officer Al Hodnik. “Essar
has our complete confidence, and we are excited about the job
creation and economic stimulus this project will provide to our
region.”
Minnesota Power, a division of ALLETE, Inc., supplies electric
service to 144,000 residents, 16 municipalities and some of the
largest industrial customers in the United States.
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.
Minnesota Power/ALLETEAmy Rutledge, 218-723-7400Manager
Corporate Communicationsarutledge@mnpower.com
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