Steel Dynamics proceeds with iron project

Steel Dynamics Inc. and Kobe Steel of Japan plan to build a plant in northern Minnesota to make iron nuggets that burn more efficiently in steel electric arc furnaces than traditional pig iron.

The Fort Wayne steelmaker started anew after negotiations on the project with other steel companies sputtered in November. The $235 million project, which is majority owned by Steel Dynamics and uses Kobe technology, must clear financing and other hurdles.