In a statement, Algoma said the new agreement, which replaces deals that expire at the end of this year, ensures its pellet supply through the close of the 2024 shipping season. 

“This contract provides Algoma Steel with a competitive iron ore supply that will sustain our business through the steel market cycle,” Algoma chief executive Michael McQuade said. 

U. S. Steel said the agreement provides incremental volume and a new long-term iron ore customer for its Minnesota mines.

“As a top North American iron ore producer, U. S. Steel is pleased to partner with Algoma to ensure they have the substantial supply of iron ore pellets they need to run their business,” said U. S. Steel president and chief executive David B. Burritt. “This new supply agreement further verifies the value of our iron ore operations. We are proud of Algoma’s confidence in U. S. Steel’s quality and reliability in satisfying their important long-term needs.”