The municipality is rich on iron ores, and water to produce power. This was very important in industry development. Dunderland Iron Ore Company (1902–1947) established the first mines in Storforshei ( north of Mo i Rana). Rana Gruber was established in 1937, also a mining company. In 1946 the Norwegian Parliament approved plans for the construction of an Iron mill in Norway. The Parliament selected Mo i Rana. A/S Norwegian Iron Work Company was established. In 1955, the first steel was produced to Norway and other countries. The construction of the iron works took nine years.