Reports: Essar forging ahead

Word up north is that Essar Steel Minnesota is proceeding with plans to build a mine and eventually a steel mill near Nashwauk on Minnesota’s Iron Range. This, despite financing problems that are delaying the next phase of construction. The Star Tribune had a story today. The interesting observation to me is that Essar CEO Madhu Vuppuluri is considerably more bullish on the project schedule in the Star Tribune article than he was for the Hibbing Daily Tribune last week.

In any event, all reports indicate that Essar is moving forward at some measurable rate. The language to keep an eye on has to do with the project’s progression into the next phase, from a complete taconite plant to a combined mining and steel plant. I read a lot about shipping pellets to Ontario that sounds more like a traditional Iron Range taconite operation. This aspect of the project in particular will probably rely on the economy and demand for steel.

Meantime, when the Hibbing Daily Tribune first reported on Essar’s financing problems, Nashwauk’s mayor Bill Hendricks took a swipe at the paper for “inaccuracy” without laying out any specific inaccuracies. This Sunday brought one of the most epic take-downs of an overreaching local official by HDT publisher Wanda Moeller. It’s worth a read regardless of your opinion on the project … if you can get the paper copy. I’ll link if they post it online.

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