REYNOLDS, Ind. (AP): A Minnesota company says it is making good progress toward opening within a year a $350 million factory in northern Indiana to produce iron ore pellets.

Magnetation Inc. of Grand Rapids, Minn., announced in late 2012 it would build the new factory at the site of an abandoned ethanol plant in the White County town of Reynolds. Several large buildings for the factory are under construction at the site.

Pellet plant general manager Terry Nanti tells the Journal & Courier that production should start during the second half of 2014. The iron ore pellets are used in steel production.

Nanti says about 70 of the plant's anticipated 115 full-time workers have been hired so far. He says 90 percent of the full-time staff should be hired by March.