Final Thoughts

Consolidation may not be over yet. We saw a report this evening out of Minnesota about how Essar Steel Minnesota has failed to secure financing to complete the $1.8 billion taconite pellet facility. The company’s India parent company was so over-leveraged it was put on the top ten watch list by Credit Suisse one year ago, according to a report in the Star Tribune out of Minnesota. Essar is also the parent company of Essar Steel Algoma which recently was able to procure funding for the Canadian steel mill.

We added a couple more people to our Steel 101: Introduction to Steelmaking & Market Fundamentals workshop in Ft. Wayne, IN in a couple of weeks (October 7 & 8). The workshop will include a tour of the SDI steel mill in Butler, IN. We encourage anyone who has been thinking about attending to register soon as we will close registration late this week. If you have any questions, please contact our offices at 800-432-3475 or info@SteelMarketUpdate.com.