Steel Products Prices North America
April 13, 2017
Mesabi Metallics in Three Way Bidding War
Written by Sandy Williams
Mesabi Metallics has competition in its effort to take over the half-finished Essar Steel Minnesota taconite facility in Nashwauk, Minn. Chippewa Capital Partners, LLC, which includes the new owner of Magnetation, has thrown its hat into the ring along with Cliffs Natural Resources.
Last Saturday, Chippewa Capital submitted a bid for $250 million. Cliffs’ non-binding bid, submitted Monday, was significantly lower at $75 million – a bid that Mesabi Metallics called a “liquidation” bid but Cliffs CEO Lourenco Goncalves said is a “realistic” value.
