Search Results for: essar

UPDATE: I’ve revised the June 6 post with new information and to clarify project ownership. On Wednesday evening WDIO-Duluth aired a report by Renee Passal about a potential new investors and management structure for Mesabi Metallics. However, on Thursday, the Minnesota Department of Natural Resources rejected the company as lacking credibility. Mesabi Metallics keeps a… Read More →

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.

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 →

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 →

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 →

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 →

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 →