More economic delays for India/Iron Range steel project?

Well, this is strange. The Sault Star, a newspaper in Sault Ste. Marie, Ontario, is reporting that Essar Steel is, in fact, delaying its North American developments including the long-awaited proposed iron mine and steel plant at Nashwauk. This paper serves the area where Essar’s Algoma Steel facility is located. What I don’t get is whether this article is working off of new information or reports of the month-old Iron Range dustup on this issue (that had seemed resolved). On the Range, we’ve been assured that final financing for the Nashwauk mine is delayed but that the project remains a priority for the global steelmaker in its long term plans. This story appears to include much of the same information, phrased to appear as a rather troubling delay.

Oh, semantics, you can be such a hussy.

Either way, it seems increasingly clear that until everyone’s back working at U.S. Steel’s MinnTac plant, Essar won’t be building a steel plant in Nashwauk either. As “Big Dan” from “O Brother Where art Thou?” says: “It’s all about the money, boys!” In this case, manifested by global steel prices.

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