Steel prices have been going up sharply in recent memories due to growing expansion of global economy; especially China. Is the world running short on supply causing prices to sky-rocket?
Minnesota has a area by Duluth called the Mesabi Iron Range that contains taconite which is basiclly iron ore I think. What happened was prices were really low for many years and alot of companies went out of business and when the demand picked up a few years ago there weren't enough production to keep up with demand.
Over 70% of the US supply of iron comes from Northern Minnesota.
