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
USS/Nippon deal: Who will have the happiest holidays?
Will Santa bring gifts for the leadership, employees, and shareholders of U.S. Steel and Nippon Steel, and lumps of coal for USW leadership and politicians opposed to the deal?
‘Orderly liquidation’ of AHMSA assets begins
A trustee has formally taken over AHMSA and begun the liquidation process of the bankrupt Mexican steelmaker.
Nippon buying stake in Canadian iron ore project
Nippon Steel and a Japanese trading company have entered an agreement to buy a 49% interest in a Champion Iron ore project in Canada.
USS anticipates Q4 loss on weak demand, BR2 start-up
Amid a challenging pricing and demand environment, and with the ongoing ramp-up of the Big River 2 mill, USS is anticipating a loss for the fourth quarter.
Nucor blames steel mills segment for depressed Q4 guidance
Nucor cited decreased volumes and prices in it steel mills segment as the key driver of its lower guidance for the fourth quarter.