Close but no cigar.

The Chinese are to get iron ore from a mine in Canada.
This ore was being shipped to a US Steel mill. the Minnesota ore will
replace this.
The article I read said they were shipping low grade ore from
Minnesota to China. It said our ore used to yield something like 70%
but that high grade ore had disappeared in the early 50's and the
current supply from Minnesota was around 30% yield. They are also
buying up enough scrap to create a shortage and spike in the steel
market with prices jumping 30-100% in the last few months.