Essar Steel, other Iron Range mining projects press forward amid bad economy

Yesterday, Business North published an exclusive story from Beth Bily about the forward progress on Essar Steel’s Minnesota steel project near Nashwauk on the Iron Range. In short, the project continues as planned, according to company officials, because they believe steel demand will return by the time construction is complete in a few years. And it’s not just the U.S. economic stimulus plan that might include roads and bridges. Demand from countries like Brazil, Russia, India (home of Essar Steel) and China will also fuel the recovery. If that’s true, other Iron Range projects that rely on high steel prices might also see completion. As dire as the warnings about the global economic condition may be, the steel industry seems to think that they’ll be back up to full speed within a couple years or so. Only time will tell if that optimism is warranted. Meantime, check out the full story.