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Minnesota Power signs 5-year supply contract with U.S. Steel

MinnesotaPower Inc. entered into an agreement to supply electricity to through atleast December 2021.

The five-year contract is subject to the Minnesota PublicUtilities Commission approval, according to an Oct. 11 news release.

"Securing contracts with these large customers cementsMinnesota Power's position as the premier electric energy supplier to the IronRange," ALLETEInc. Chairman, President and CEO Alan Hodnik said.

U.S. Steel is the largest taconite producer on Minnesota'sIron Range.

The contract came after Minnesota regulators on Sept. 15approved a request byMinnesota Power to lower the power rates for 11 taconite mines and paper millsin northeast Minnesota by 5%.