Essar: Nashwauk project on track … for real

Some clarification from the Sault (Ontario, Canada) Star on yesterday’s Essar story. Everything is on track again. Nice to know that Canadians are also punchy about this project.

Essar Steel Ltd., parent company of Essar Steel Algoma Inc., wants to set the record straight on its massive Essar Steel Minnesota project.

Media reports out of India this week announced that Essar Steel was “postponing” construction of proposed overseas facilities until current slumping global steel demand improved.

Essar Steel’s ambitious drive to increase its capacity included the previously announced development of three new mills outside of India, including a unique taconite pellet/steel slab facility in northwestern Minnesota, a 2.5-million tonne integrated mill in Trinidad and Tobago and a 2-million tonne hot-strip mill in Vietnam.

“The Minnesota project (continues) being pursued unlike the other overseas projects,” stated Jatinder Mehra, CEO of Essar Steel, in an email to clarify the status of Essar Minnesota, which would eventually supply pellets, and then slabs, to Essar Algoma in Sault Ste. Marie.

Financing of the two-phase Minnesota project, estimated at $1.65 billion, continues being “followed up to commence the major activities,” said Mehra.

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