Erie Mining Company
List of Deals
- 1953 first mortgage 4 1/4% bonds series A
- 1954 first mortgage 4 1/4% bonds series A
- 1956 first mortgage 4 1/4% bonds series A
The Erie Mining Company was the first iron ore extractor on the Iron Range, located in Northern Minnesota. The Erie Mining Company began research and pilot testing in 1940 to determine whether to mine taconite in this area. Taconite is used as a raw material in the production of steel. In 1948 preliminary taconite plant operations were started, and in 1954 construction began on a $300 million Hoyt Lakes taconite plant and Taconite Harbor power plant.
In 1957 the plant opened and the first pellets were produced. The plant was managed by Picklands & Mather and had a 7.5 million ton capacity.
Erie Mining was wholly owned by four steel companies: Bethlehem Steel, with a 45 percent interest; Youngstown Steel & Tube, with 35 percent; Interlake Iron Corporation, with 10 percent; and Stelco (a subsidiary of Steel Company of Canada), with 10 percent.