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Cliffs boasts big earnings, state support in Essar battle
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…
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Mesabi Metallics to try building upon Essar bones
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…
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Mesabi Metallics sues former parent Essar Global
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…
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Indian banks sue Essar over cost overruns
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…
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Rawr: ‘Cougar’ catfight stirs controversy
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Bankruptcy court lets Essar keep mineral leases
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…
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Northern MN co-op to further expand fiber network
As I pointed out in July, Paul Bunyan Communication continues working on its Central Itasca Fiber Project. In fact, this week they’ve been laying cable on the little dirt road that leads to MinnesotaBrown World Headquarters in Balsam Township. Readers know that I’ve long advocated for ubiquitous high speed internet as a means of economic diversification for…
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Essar owes $1.1 billion in bankrupcy
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…
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LIVE BLOG: Primary Night on the Iron Range
Welcome to the Tuesday, Aug. 9, 2016 MinnesotaBrown primary election live blog. Your intrepid host Aaron Brown will provide analysis of Iron Range results throughout the evening. We’ll pay close attention to the House 6A DFL contest and St. Louis County commissioner races. 11:00: There will be more to write in coming days, but we can…
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Range DFLers hurtle toward Tuesday’s 6A primary
It’s Primary Election Eve in Minnesota. Tuesday, Aug. 9, brings the statewide primary election, in which local candidate pools will be narrowed and parties will sort out their nomination battles for state and federal offices. Today I’ll analyze the only major Iron Range legislative primary: the House 6A race to succeed State Rep. Carly Melin (DFL-Hibbing).…
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Range mines catch a Super Mario star
If Iron Range mines were Super Mario, they’d be blinking while knocking off Goombas left and right. More on that below. This week brought quarterly earnings reports from the two biggest mining companies on Minnesota’s Iron Range, U.S. Steel and Cliffs Natural Resources. Both companies show significant improvement from a dismal 2015. Cliffs posted a profit…
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Inside fundraising in House 6A Range DFL primary
Last week at the blog we dove into a debate over who funds Iron Range campaigns. At the time we didn’t have access to the first major campaign finance reports. Well, the Campaign Finance Board released those reports Tuesday morning. You can view them for yourself here. So let’s explore the fundraising for Northern Minnesota’s…
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House 6A candidate decries lobbyist influence
An Iron Range DFL primary usually creates sparks, but until Friday the House 6A DFL contest had been remarkably quiet. One letter to the editor even complained that the candidates seemed too similar to make a decision. The race features four DFL candidates seeking to replace Rep. Carly Melin (DFL-Hibbing), including Nashwauk Mayor Ben DeNucci, teacher Julie…
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Cliffs CEO promises iron clad future for Mesabi
Tuesday morning’s public forum with Gov. Mark Dayton and Cliffs Natural Resources CEO Lourenco Goncalves sounded like a battle cry before a coming war. Though everyone hopes the war will be short and successful, many unknown factors lie ahead. The meeting’s primary announcement was stunning. Goncalves said that Cliffs is planning a major shift to direct-reduced iron (DRI)…
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Cliffs CEO, Dayton to talk Essar on the Range
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…