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IRRB OKs loan for steel plant Minnesota s largest industrial project has crossed one more hurdle. The Iron Range Resources Board on Tuesday approved a new loan agreement with Minnesota Steel Industries LLC, a move that officials of the steel company said would help finalize f. Written By: news@duluthnewstribune.com | Minnesota s largest industrial project has crossed one more hurdle. The Iron Range Resources Board on Tuesday approved a new loan agreement with Minnesota Steel Industries LLC, a move that officials of the steel company said would help finalize financial closure of the mammoth project. The board, on a 9-0 vote, approved an agreement under which Iron Range Resources would receive $6 million from the Bank of India, New York, should a $6 million IRR loan to the $1.6 billion steelmaking project go into default. ....