Range paper reports on conflicting Essar Steel statements

The dog has been wagged. The Hibbing Daily Tribune is reporting on the Essar Steel quotes from the same Hindu Business Line story that I cited on Tuesday. The story quotes Essar’s top official saying that a project in southeastern India was going forward because North American projects were on hold until steel demand is established. Mike Jennings was unable to get independent verification aside from the Hindu Business Line story. A lot of people are waiting to hear some clarification from Essar officials in Minnesota.

The news here is that, until now, Essar Steel was saying that the project was going forward no matter what, based on their long range projections for steel demand. Now it seems the project joins the fate of existing taconite mines in shutdown or slowdown: subject to the whims of present steel prices.

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