Its Everyones Business

REPUBLIC STEEL CORP. and Armco Steel Corp. have joined in a $160,000,000 project for the production of iron ore from Taconite in the Lake Superior mining region. The two companies announced acquisition in equal shares of 100 pct ownership of the stock of Reserve Mining Co., which controls a vast deposit of magnetic Taconite iron ore on the eastern end of the Mesabi range in Minnesota. Through Reserve Mining the two companies will build a plant for manufacturing high grade ore from Taconite near Beaver Bay on the north shore of Lake Superior. The first announcement calls for about a $60,000,000 plant which will be built as soon as plans are completed and will have an annual capacity of about 2,500,000 tons of iron ore pellets. Longer range development plans call for future expansion of the plant to provide an annual capacity of 10,000,000 tons. This will amount to an additional investment of