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 →
Search Results for: essar
Mesabi Metallics to try building upon Essar bones
February 6, 2017 by 3 Comments
Mesabi Metallics issued a plan last week to bring the former Essar Steel Minnesota iron ore project in Nashwauk, Minnesota, out of bankruptcy and back into construction. A judge must now consider whether the newly reorganized company has sufficiently proven its case to keep the state mineral leases along the western Mesabi Iron Range. “Creditors will receive vastly… Read More →
The necessary drama of transition
January 15, 2017 by 4 Comments
As divisive as these times may be, at least Donald Trump won’t be sneaking into Washington, D.C., on a midnight train like Abraham Lincoln. After the election of 1860 Lincoln became the most anti-slavery president since John Quincy Adams a generation earlier. Six slave states immediately seceded from the Union, while others threatened to join… Read More →
Mesabi Metallics sues former parent Essar Global
January 12, 2017 by Leave a Comment
Essar Steel Minnesota, now doing business as Mesabi Metallics, is suing former parent company India-based Essar Global over mismanagement. WDIO and other media outlets reported the news Thursday. Mesabi Metallics seeks to emerge from bankruptcy and resume construction of a $1.6 billion taconite plant near Nashwauk, Minnesota. But according to their lawsuit, the project site… Read More →
Indian banks sue Essar over cost overruns
December 8, 2016 by Leave a Comment
Essar Steel Minnesota, bankrupt and seeking capital from a new holdings company, is still providing headaches to its parent company Essar Global back in India. John Myers at the Duluth News Tribune reported Dec. 7 that banks in India are suing Essar over problems on the Nashwauk iron ore project. From the story: The Economic Times reported Wednesday… Read More →
Bankruptcy court lets Essar keep mineral leases
November 16, 2016 by 3 Comments
On Tuesday, a federal bankruptcy judge denied the state of Minnesota’s request to strip Essar Steel Minnesota of mineral leases. This move breathes new life into Essar, though perhaps only temporarily. It’s a significant setback for hopes that Cliffs Natural Resources could quickly take over the project. The beleaguered Essar, stuck with a half complete taconite… Read More →
Essar owes $1.1 billion in bankrupcy
August 24, 2016 by Leave a Comment
Bankruptcy proceedings began recently for Essar Steel Minnesota, the struggling subsidiary of the Indian company Essar Steel, which seeks to build a new iron mine in Northern Minnesota. The story draws rapt attention from residents and leaders on the Mesabi Iron Range. For good reason. The outcome of this case will determine if hundreds of new… Read More →
Cliffs CEO, Dayton to talk Essar on the Range
July 11, 2016 by Leave a Comment
Minnesota Gov. Mark Dayton and Cliffs Natural Resources CEO Lourenco Goncalves will come to the Iron Range on Tuesday, July 12. Their visit aims to showcase how a long suffering Iron Range mining project might find new life. Dayton and Goncalves will discuss the governor’s recent decision to cancel the mineral leases for Essar Steel Minnesota’s new iron… Read More →
Cliffs seeks to buy Essar project, make value-added iron
July 8, 2016 by 21 Comments
Gov. Mark Dayton’s administration will not renew the mineral leases of the Essar Steel Minnesota project near Nashwauk. This comes to me from a source familiar with today’s private meeting between Essar Steel officials and the governor. Instead, Dayton will announce a deal between the state and Cliffs Natural Resources that would allow Cliffs to buy the… Read More →
Essar mine project faces life or death moment
July 7, 2016 by 2 Comments
Essar Steel Minnesota may soon lose its mineral leases for its incomplete iron ore mine near Nashwauk, Minnesota. The beleaguered India-based company missed another deadline in repaying state grant money it received to build an innovative new steel mill, which Essar later scaled down to a traditional taconite processing plant. Losing the mineral leases would essentially… Read More →
