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U.S. Steel agrees to sell 25% interest of Minntac to Stelco

U.S. Steel announced they are selling interest in Minntac to Stelco, a Canadian steelmaker. U.S. Steel announced they are selling interest in Minntac to Stelco, a Canadian steelmaker. |  Photo: WDIO

Updated: April 30, 2020 07:14 PM

U.S. Steel announced they have offered interest in Minntac to Stelco, a Canadian steelmaker.

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According to the 1st quarter earnings statement from U.S. Steel, Stelco will pay the company $100 million this year, and $500 million at a later time.

Minntac is U.S. Steel's largest mine.

Under the deal, U.S. Steel will remain the operator and majority owner, according to the statement.

Stelco said they also entered into a new eight-year pellet sale and purchase agreement with U.S. Steel.

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