Cliffs Natural Resources has an agreement to provide taconite pellets to steel producer, AK Steel, through 2023.
The company says the supply agreement is tied to a moving price index, based on changing iron ore prices and producer price indexes.
According to Donald J. Gallagher, Cliffs' president, "We are pleased to announce this long-term supply agreement and the extension of the previous contract with our valued customer, AK Steel. Our U.S. Iron Ore operations will continue to be a reliable supplier of high-quality iron ore pellet to AK Steel for many years to come."
At this time, Cliff's has not announced if the Marquette range mines are a supplier to AK Steel.
Based in Ohio, AK Steel is one of the nation's largest steel producers.