An abandoned ethanol plant in White County is expected to be converted into an iron ore factory under a plan by a Minnesota company.

The Journal & Courier reports that Magnetation LLC of Grand Rapids, Minn., will build its plant at the site of an abandoned VeraSun Energy Corp. ethanol plant. Work to demolish existing infrastructures has already begun.

Magnetation has already secured its financing and plans to invest up to $350 million to produce the iron ore pellets used in the production of steel. Company president Matt Lehtinen says the plant is expected to begin operating in late 2014 and should have 115 workers by next summer.