Search Results for: essar

Essar sues state but misses deadline; Cliffs hungry for ore

Essar Steel is fighting back against state attempts to debar the company, but in doing so reveals it will miss another deadline on the long beleaguered iron ore project. Meantime, Cleveland-Cliffs hungrily seeks new ore reserves, reopening a mine in Michigan and waiting to develop its property near the Essar site.

DNR to block Essar Steel from doing business with state

Earlier this month, Essar Steel roared back to life in the continuing saga of a proposed iron mine near Nashwauk, Minnesota. Today, the Minnesota Department of Natural Resources said that the state wasn’t buying it.

Essar Steel comes back to life, vows return to Nashwauk project

In a surprising twist, India’s Essar Global appears to have wiggled out of bankruptcy and a takeover bid by ArcelorMittal. Not only that, but company officials now say they will resume work at their Nashwauk, Minn., plant, the control of which they have quietly reclaimed in recent months.

Essar rejoins Nashwauk project; ArcelorMittal looms large

The complex tale of an incomplete iron ore mine on the western Mesabi Iron Range took several new turns this week. Each twist reinforces a central truth. Distant, powerful corporate forces act on impulses far removed from Northern Minnesota’s hopes and dreams. Mesabi Metallics still holds state mining leases on land outside Nashwauk. This was… Read More →

New company reaches deal with state over former Essar project

Today, Chippewa Capital Partners is expected to get its final green light from a bankruptcy court in Delaware. This allows the partnership to take over the former Essar Steel Minnesota iron ore mine near Nashwauk. But the company also celebrates equally good news right here in Minnesota. Gov. Mark Dayton and the state Department of Natural… Read More →

London’s Liberty House, backer of bid for Essar project, also bought US steel mill

This week brought the surprising news that Chippewa Capital Partners submitted the successful bid for the former Essar Steel Minnesota iron ore project on the western Mesabi Iron Range. Chippewa Capital Partners is a financing group formed around ERP Iron Ore, a company founded by Virginia state entrepreneur Tom Clarke. The larger backer, however, is GFG… Read More →

Outsider bid pulls off upset in Essar bankruptcy auction

As the old saying goes, familiarity breeds contempt. Today, a bankruptcy court in Delaware ruled on the case of Essar Steel Minnesota. The judge didn’t go with the incumbent, now renamed Mesabi Metallics. Nor did the well established Cliffs Natural Resources prevail. Instead, Chippewa Capital Partners, LLC, a group controlled by Tom Clarke’s ERP Iron Ore, announced… Read More →

Pivotal week for Essar bankruptcy on western Mesabi Range

It’s a big week ahead for those following the bankruptcy of Essar Steel Minnesota near Nashwauk, Minnesota. In the next few days a bankruptcy court will rule on the project’s fate. Essar is the proposed taconite plant at the site of the former Butler Taconite on the western Mesabi Iron Range. But calling it a taconite plant… Read More →

‘Three’s company’ in Essar bankruptcy case

Things happen quickly in bankruptcy proceedings for the former Essar Steel Minnesota iron ore mine near Nashwauk in Northern Minnesota. Late yesterday, we learned of a new player on the scene. This, after I reported new developments early Monday morning. Mesabi Metallics, the reorganized successor to Essar Steel Minnesota, still wants to finish the project with its… Read More →

Cliffs boasts big earnings, state support in Essar battle

Last week, Cliffs Natural Resources CEO Lourenco Goncalves announced that his company posted a $199 million profit in 2016. That reflects a positive swing of almost $1 billion from the dismal 2015 downturn of the American steel industry. It’s also basic math, as Cliffs finally has all its Minnesota mines up and running, filling orders… Read More →