Business & Finance: Little Mesabi

The industrial might of the U.S. rests on iron. Over 75% of all U.S. iron now comes from the fabulously rich Mesabi district (in northern Minnesota) which is currently yielding nearly 100,000,000 tons per year to feed not only the steel mills of the U.S. but many in Canada as well.

Last week out of Canada came increasing indications that this terrific strain on U.S. reserves— so severe that at the current rate the Mesabi may be gutted in twelve years—will be eased. For at Steep Rock Lake, 100 miles to the north, Canadians, with the help of U.S. capital...

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