Essar Steel Minnesota lands $450M to build plant

May 15, 2014 | 11:46 AM | Thorsten Schier

Tags  Essar Steel Minnesota, Madhu Vuppuluri, iron ore pellet facility, Mesabi Range, senior secured notes offering, Thorsten Schier

NEW YORK — Essar Steel Minnesota LLC has closed a $450-million, six-year senior secured notes offering for a 7-million-tonne-per-year iron ore pellet facility in the western Mesabi Range in Minnesota.

The total cost of the facility is estimated at $1.8 billion.

"Essar Steel Minnesota will be the first new pellet plant constructed in over 35 years in the (Mesabi Range), made possible by not only the superior resource base and infrastructure available to Essar Steel Minnesota but also the skill base and support of the local community,"....

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