Essar Steel to invest $1.6B in Minnesota Iron Range
September 22, 08 by TheFleetIf you're new here, you may want to subscribe to our RSS feed. Thanks for visiting!
Source: The Times of India
Following its acquisition of US-based Minnesota Steel in 2007, Essar Steel Holdings Limited is all set to invest $1.6 billion in putting up North America’s first mine-based steel plant at Minnesota’s famed Iron Range.
Essar has rechristened Minnesota Steel, which has over 1.4 billion tonnes of iron ore resources in the Mesabi range, as Essar Steel Minnesota LLC. Besides iron ore mining and production, the project will include a concentration plant, a pellet plant, a direct-reduced iron (DRI) plant and steel-making facilities, a company communique said.
At full production, Essar Steel Minnesota will employ nearly 500 persons, and up to 2,000 construction workers over the course of the project, the release added.
“The production from this facility will also support the Essar Steel Algoma plant in Sault Ste Marie, Ontario, Canada. The synergy between the Minnesota and Algoma facilities will strengthen Essar’s presence as an integrated steelmaker of high value-added products,” Essar group chairman Shashi Ruia explained.
