With
our acquisition of Minnesota Steel LLC, Essar
now has access to iron ore resources of over 1.4
billion tonnes.
Minnesota Steel plans to set up an integrated
steel plant on the Mesabi iron range in northeast
Minnesota. The estimated cost of the project is
USD 1.65 billion; the plant will have an annual
capacity of 2.5 million tonnes per annum (MTPA)
when completed. The strategy is to combine a high-quality
orebody with modern and commercially proven technology
and develop a vertically integrated steel mill.
It will be the first facility in North America
to include iron ore mining, ore processing, direct
reduction and steelmaking on a single site.
The Minnesota Governor, Tim Pawlenty, has hailed
the partnership as a “tremendous milestone,
not only for the company but also for the State…
It (Essar’s acquisition) moves us much closer
to the goal of making steel on the Iron Range.” |
CORPORATE
