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Energy trader Mercuria to grow iron ore business with U.S. mine stake

Fernanda Nunes | Published wed Sep 12, 2018 4:31 pm | 821 Views

LONDON (Reuters) - Global commodities trader Mercuria Energy Group is expanding its iron ore business with a majority stake in U.S. Mesabi Metallics Co, it said on Wednesday, deepening its investment in the United States at a time of a resurgent steel industry.

The Geneva-based firm will spearhead a $650 million investment package in the miner in exchange for the stake under a memorandum of understanding signed with Chippewa Capital Partners that currently owns 100 percent of Mesabi.

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