Mesabi Nugget, the iron nugget plant under construction in Hoyt Lakes, has announced that it will delay operational start-up until the fourth quarter of this year instead of August as originally planned. This is from today’s Mesabi Daily News.
The delay comes amid a global recession and the continued lagging steel prices, a situation that has all Iron Range taconite mines in some version of a shutdown right now. Mesabi Nugget currently employs a few dozen people with plans to bring on a few dozen more for the initial start-up. Naturally, the subsequent renaissance of the iron and steel industries will create hundreds more jobs under the grand plan.
I’m quite sure you meant steel prices are foundering not “floundering.” Though companies dealing with foundering prices are floundering about trying to cope.
I changed it to “lagging” because I’m not interested in the argument. 🙂