Steel Mills
Essar Taconite Plant Receives Funding
Written by Sandy Williams
October 2, 2014
Essar Steel Minnesota announced Wednesday that it has secured funding to move ahead with completion of its $1.8 million taconite plant. Last month a bond deal was called off after the company failed to raise the required equity by the bond deadline.
The amount of the funding was not disclosed but Essar Assistant General Counsel Mitch Brunfelt said it was a “combination of equity and loans.”
“This truly is a momentous occasion for our company and for the Iron Range as we now have in place the necessary financing to complete this historic project,” said Essar Steel Minnesota CEO Madhu Vuppuluri.
About half of the plant is finished and workers are scrambling to complete concrete work before winter sets in. Building construction and installation of equipment will follow. Originally expected to begin production in mid-2015, completion of the plant in Nashwauk, Minn., is now anticipated for the second half of 2015.
At full capacity the plant is expected to produce 7 million tons of iron ore pellets per year.
Sandy Williams
Read more from Sandy WilliamsLatest in Steel Mills
Nucor’s Utermark to retire in June
Chad Utermark, executive vice president of new markets and innovation, plans to retire effective June 7.
Nippon could up investment in USS facilities to $7B: Report
It's the latest twist as the proxy battle heats up for Pittsburgh-based U.S. Steel.
Hybar expansion still on the table as Arkansas mill startup nears
As Hybar nears the completion of its $700-million rebar mill in Arkansas, the company said it is still “actively considering” building other steel facilities in the southern US.
Global steel production edges lower in February
February’s global raw steel output is tied with last December's for the fourth-lowest monthly production rate recorded over the past two years.
Fate of U.S. Steel hangs in the balance
The future of U.S. Steel remains unclear, but the proxy fight for control of the company is heating up. Shareholders will cast their votes on the company's future at the annual meeting in May.