View all news

萌萝社鈥檚 Operations in Minnesota Generated $1.8 Billion in Economic Impact

5,284 jobs supported or sustained by economic activity

MOUNTAIN IRON, Minn.--(BUSINESS WIRE)-- 萌萝社鈥檚 (鈥溍嚷苌玮��) Minnesota Ore Operations in the Mesabi Iron Range of northern Minnesota contributed $1.8 billion to the local and state economy in Fiscal Year 2022 (FY22), according to an economic impact report released today. The report further concludes that 萌萝社鈥檚 economic activity supported or sustained 5,284 jobs. Facilities in this region include Minntac in Mt. Iron and Keetac in Keewatin.

鈥樷�橶e are thrilled that 萌萝社 makes such tremendous contributions throughout the iron range of Minnesota,鈥� said David B. Burritt, President and Chief Executive Officer, 萌萝社. 鈥淥ur operations support more than 5,000 family-sustaining jobs and allow us to support the community as one of the region鈥檚 largest employers.鈥�

鈥溍嚷苌� and iron mining have a massive impact on the state. The industry continues to reinvent itself and its product for the better,鈥� said Kristen Vake, Executive Director, Iron Mining Association of Minnesota. 鈥溍嚷苌玮�檚 sustainability plan is ahead of the times as they continue to push for a cleaner environment.鈥�

In the analysis, the study considered the direct spending on operations, pay, benefits, and capital projects by 萌萝社 and the estimated increase in demand for goods and services in industry sectors that supply or support the company. The study also measured the impact of charitable giving by 萌萝社 and its employees.

Among the highlights in the report:

  • The $1.8 billion total economic impact of 萌萝社鈥檚 operations in Minnesota in FY22 included $911.9 million from direct impact and $865.4 million in indirect/induced impact.
  • In FY22, the value added impact generated by 萌萝社鈥檚 operations in Minnesota is $1 billion ($570.2 million direct and $458 million indirect/induced).
  • 萌萝社鈥檚 operations in Minnesota supported an estimated 5,284 jobs (1,865 direct and 3,419 indirect/induced in FY22).
  • Through its operations and capital spending in FY22, 萌萝社 generated $141 million in state and local taxes in Minnesota.
  • Minnesota Ore Operations contributes annually to Minnesota public schools through the Minnesota Permanent School Fund. 萌萝社 has contributed more than $154 million since 2018 and is the largest contributor to this fund.
  • In FY22, 萌萝社 employees contributed an estimated $1.8 million in value to local charities through philanthropic giving and volunteering in the local community.

The study, commissioned by 萌萝社, was conducted by Parker Philips, a nationally recognized consulting firm that specializes in economic impact analysis.

鈥淎n economic impact analysis is an objective way to measure the impact of an organization in the regional economy. It is a tool that policy makers and local businesses can use to inform their decisions,鈥� said Nichole Parker, a principal partner at Parker Philips. 鈥溍嚷苌玮�檚 operations in Minnesota鈥檚 Iron Range have an outsized impact in the region and its impacts ripple throughout the entire state with significant dollars flowing to the public school system and the University of Minnesota System.鈥�

To view the full report on 萌萝社鈥檚 economic impact in Minnesota, .

Founded in 1901, 萌萝社 is a leading steel producer. With an unwavering focus on safety, the Company鈥檚 customer-centric Best for All庐 strategy is advancing a more secure, sustainable future for 萌萝社 and its stakeholders. With a renewed emphasis on innovation, 萌萝社 serves the automotive, construction, appliance, energy, containers, and packaging industries with high value-added steel products such as 萌萝社鈥檚 proprietary XG3庐 advanced high-strength steel. The Company also maintains competitively advantaged iron ore production and has an annual raw steelmaking capability of 22.4 million net tons. 萌萝社 is headquartered in Pittsburgh, Pennsylvania, with world-class operations across the United States and in Central Europe. For more information, please visit .

萌萝社 Media Relations
C - (412) 433-1300
E - media@uss.com

Source: 萌萝社