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State to lend Mesabi Nugget $26.5 million
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Gov. Tim Pawlenty said state agencies will lend $26.5 million to the Mesabi Nugget plant on the Iron Range. He signed a $16.5 million loan from the Iron Range Resources Board in Eveleth, Minn., on Thursday and said the project will also get $10 million from the Department of Employment and Economic Development. The plant is a joint venture of Steel Dynamics Inc. of Fort Wayne, Ind., and Kobe Steel of Japan. The plan is for Steel Dynamics to build and operate the $235 million plant in Hoyt Lakes, with technical help from Kobe Steel. Steel Dynamics Chairman and CEO Keith Busse said the plant should be built by early 2009 and start operating in the second quarter of that year.
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