• History • Enduring Values • A Tradition of Management Expertise • The 21st Century
The global economy of the 21st Century is far different than the one that existed when the Longyear companies were established. Demand for forest products can come from across state lines or across the globe.
But some things haven't changed.
Successfully managing the land, timber and mineral resources in a modern, global marketplace requires reliance on the principles that have guided the Longyear companies for more than a century: Create Value. Maximize Performance. Leverage Opportunities. Encourage Sustainability.
Along with its longtime partners the Bennett family, Longyear led the development of the next generation of the iron ore business on Minnesota's Mesabi Iron Range. The families spent more than a decade investing in the development of an iron mining, ore processing and steelmaking facility in Minnesota – the first of its kind in North America; Minnesota Steel was purchased by Essar Global Ltd. in October 2007 and is now known as Essar Steel Minnesota.
The Essar Steel Minnesota projects represents all of the values of the Longyear founders – creating value from ore leases, maximizing performance by developing value-added products, leveraging the opportunity to partner with other interests and encouraging sustainability by ensuring the development of the ore body and the royalties that will generate.
Longyear also is enhancing the long-term value of its timberlands through a number of strategic initiatives. The company is committed to sustainable development of its timberlands, investing significant resources into proper harvesting and natural regeneration. Trees are harvested for a variety of uses – from high-end uses like making guitars or flooring, to lumber for construction, to pallets or to pulp for making high-quality, bright paper.
Finally, Longyear applies the same principles to the management of its varied landholdings – working strategically with private and public partners to leverage the value inherent in certain acreage and maximizing the productivity of timber and other lands.