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Essar Global Could Participate in Minnesota Project Again

Essar Global could become involved in the project in Minnesota again. Essar Global could become involved in the project in Minnesota again. |  Photo: WDIO

Updated: January 07, 2019 06:56 PM

Essar Global has made a financial move that could pave their way back into the project in Minnesota.

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According to a statement from Essar, Essar Global purchased $260 million dollars worth of notes from Mesabi Metallics. It was part of a settlement with lenders who had supported Essar Steel Minnesota.

Essar Steel Minnesota filed for bankruptcy in July of 2016, after months of starts and stops of construction in Nashwauk. But now it appears they are repaying $21 billion dollars in debt, a majority to the Indian banking system.

Mesabi Metallics leaders have said they are committed to finishing the mine and pellet plant in Nashwauk.

Copyright 2019 WDIO-TV LLC, a Hubbard Broadcasting Company. All rights reserved

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