Steel Products Prices North America
December 29, 2014
Essar Steel Minnesota Seeks Payment Extension from State
Written by Sandy Williams
Essar Steel Minnesota is asking the Minnesota legislature to extend the October 2014 repayment deadline for a $67 million state subsidy the company received in 2007, according to a report by the Duluth News Tribune. The extension would give Essar another seven years before repayment would be required.
The funding was provided for building infrastructure at the company’s taconite facility in Nashwauk. After eight years, the taconite plant is still not completed and plans for the promised accompanying steel plant are on hold.
