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
Hybar lowers output forecast, owning up to EAF startup delay
Hybar LLC’s rebar mill in Osceola, Ark., is now melting scrap and will soon be fulfilling orders, according to CEO David Stickler, despite a six-to-eight-week delay caused by commissioning the world’s first Aura electrical system.
Steel Dynamics guides to more metal, more money in Q3
Steel Dynamics Inc. is bullish heading into the close of the third quarter, with all three of its operating segments tracking higher.
AHMSA opens doors to potential buyers as $1.3B asset auction nears
AHMSA is opening its doors to potential buyers to tour its steel plant and mining operations in northern Mexico in preparation for the next stage of its bankruptcy process: the auction of its assets.
USW seeks clarity on USS plans for Granite City Works
The United Steelworkers union has asked U.S. Steel to elaborate on its Granite City Works plans following reports that the steelmaker is ending processing at the facility.
Nucor maintains plate prices, opens October order book
Nucor aims to keep plate prices flat for a seventh straight month with the opening of its October order book.