on CoTec Holdings Corp. (CVE:CTH)
CoTec's Stake in MagIron Grows as Acquisition of Reynolds Pellet Plant Concludes
CoTec Holdings Corp., owning 16.5% of MagIron LLC, announces the completion of MagIron's acquisition of the Reynolds Pellet Plant in Indiana from Altos Hornos De Mexico's receivership estate. This acquisition aligns with MagIron's strategy to become a leading producer in the Electric Arc Furnace steel industry in the USA.
CEO Larry Lehtinen of MagIron emphasizes the significance of this transaction for MagIron's growth and job creation in Minnesota and Indiana. CoTec's CEO Julian Treger highlights the plant’s readiness for restarting operations, backed by a substantial prior investment of $440 million.
CoTec supports MagIron’s vision, which includes developing pig iron facilities. This strategic move positions MagIron as a potential key player in America’s steel industry, enhancing CoTec's investment outlook.
R. E.
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