Word: mesabi
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...eastern tip of Superior and the narrow Straits of Mackinac that connect Lake Michigan with Lake Huron are the twin bottlenecks through which 85% of the nation's vast iron ore production flows to U.S. blast furnaces. The ore moves eastward to the Soo from Minnesota's Mesabi Range, then southwest to Gary, southeast to Cleveland, Youngstown and Pittsburgh...
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 and engineering, are preparing to exploit a little Mesabi of their own, rich in high-grade...
Existence of some such deposit was suspected ever since the Mesabi was opened up a half century ago. But it was not till 1930 that a prospector and scout, Jules G. Cross, made a survey of the region, which led to the formation of the Steep Rock Iron Mines, Ltd. Backing the company is Cyrus Eaton, creator of Republic Steel, who is arranging a $7,500,000 bond issue...
...arranged and the earliest that mining could commence would be 1944. Proven reserves now amount to 32,000,000 tons, but if the bed is 3,000 ft. deep-which engineers hold not unlikely-the deposit would run close to a half a billion tons (or about half the Mesabi's 1.2 billions); and in this case Canada, which now consumes about 2,000,000 tons of ore per year and imports most of it, will almost certainly become an exporter...
...discount some of this dream but by no means all. The past ten years have seen a steady intensification of the battle for ore reserves which J. P. Morgan thought he had sewed up for U.S. Steel once and for all when he bought some of the great Mesabi mines from Rockefeller. Bethlehem has struck down into South America. Now, if Canada comes in, Big Steel's control of reserves-and perhaps its pocketbook-will be further affected. But for the U.S. economy as a whole, for the first time facing possible exhaustion of its finest ores, Steep Rock...