MMi Daily Iron Ore Report (June 29)

Mesabi Metallics formally launched Minnesota's first new taconite mine in 50 years at its Nashwauk facility in late September 2026. The $2.5 billion project targeted its first major ore extraction on September 17, using explosives to dislodge an estimated 1.3 million tons of high-grade ore. The facility is designed to produce 7 million tons of Direct Reduction (DR) grade iron ore pellets annually, optimized for ultra-low impurities to specifically supply lower-emission electric arc furnaces across the US market.

According to the American Iron and Steel Institute, US domestic raw steel production reached 1.845 million net tons in the week ending September 26, 2026, up 3.4% from the previous week. The national capacity utilization rate simultaneously rose to 80.5%. Adjusted year-to-date production through late September stands at 70.166 million net tons at an average utilization rate of 79.1%, representing a 5.3% volume increase over the same period last year.

Camden, New Jersey, has sued scrap metal recycler EMR for breaching an August 2025 community donations agreement signed after a major fire at its yards. The MOU required an initial 1 million USD payment into a community benefits fund run by the Community Foundation of South Jersey plus 450,000 USD a year over five years. A New Jersey Attorney General's Office filing says EMR has deposited only about 783,000 USD since signing; the fund holds roughly 2.3 million USD, most paid in earlier, since October 2023. EMR says the city knew an existing fund would cover the pledges; Camden's lawyer calls that a repurposing of 2023 money. The five Camden yards have had 14 fires since 2020; a May shredder fire cost EMR its junkyard licence, and it restarted in July, with stoppage damages disputed. Only 310,000 USD for a fire truck has been paid out.