Lee County supervisors approve term sheet for proposed steel project

Lee County supervisors unanimously approved a term sheet and a supporting resolution for Mesabi Metallics’ proposed $15 billion steel project in Iowa. The company says the terms include up to $10.5 million in community payments during development, at least $112 million in assessed property value before tax rebates, and $50 million in payments to the county over 20 years. The project is part of a wider plan linking Iowa steelmaking with Minnesota iron ore operations.