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Minnesota city celebrates manufacturer at steel-raising event
The project won a Honda investment and $150 million in loans as it advances toward a 2027 opening, officials said.
- On Wednesday, Sept. 9, Niron Magnetics officials and Sartell Mayor Ryan Fitzthum celebrated the steel-raising of a new manufacturing plant in Sartell, marking a key construction milestone for the facility.
- Niron Magnetics will produce iron nitride magnets to replace costly rare-earth metals at the site, which formerly housed the Verso Paper Mill until a 2012 fire destroyed the structure.
- Funding includes $150 million in loans each from the Shakopee Mdewakanton Sioux Community and the U.S. Department of Defense, plus a $52.2 million federal tax credit and $10 million Minnesota Forward Fund grant.
- Minneapolis-Based Ryan Companies is constructing the 287,000-square-foot facility, which will employ 175 full-time workers and manufacture up to 1,500 tons of magnets annually when operational by 2027.
- Niron Magnetics CEO Jonathan Rowntree described the project as creating high-tech, well-paid jobs, while Fitzthum called the development a 'big step' for the city and Minnesota.
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13 Articles
13 Articles
Duluth News Tribune+12 Reposted by 12 other sources
Minnesota city celebrates manufacturer at steel-raising event
The Niron Magnetics project moves forward in Sartell, Minnesota, to create world's first commercial-scale plant producing rare-earth metal-free permanent magnets.
·Cherokee County, United States
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Total News Sources13
Leaning Left0Leaning Right7Center4Last UpdatedBias Distribution64% Right
Bias Distribution
- 64% of the sources lean Right
64% Right
C 36%
R 64%
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