Essar looks for help in financing Iron Range plant
Go Deeper.
Create an account or log in to save stories.
Like this?
Thanks for liking this story! We have added it to a list of your favorite stories.
(AP) - Essar Steel is having trouble getting private financing for the construction of a $1.6 billion taconite-to-steel industrial complex near Nashwauk.
Essar estimates the project will employ up to 2,000 construction workers and when complete will employ nearly 500 people at full production.
Sen. Tom Bakk, DFL-Cook, doesn't want to miss out on that. So he has met with two of Gov. Tim Pawlenty's top staff members in an effort to get the governor involved.
The president of Essar's North American operations, Madhu Vuppuluri, stresses that the company is not seeking taxpayer money, just help getting a private sector loan.
Turn Up Your Support
MPR News helps you turn down the noise and build shared understanding. Turn up your support for this public resource and keep trusted journalism accessible to all.
The company executive says Essar has used its own money to keep the project on schedule so far, including recently extending a multi-million contract to grade the site.
---
Information from: The Daily Tribune, http://www.hibbingmn.com/placed/
(Copyright 2009 by The Associated Press. All Rights Reserved.)
Dear reader,
Your voice matters. And we want to hear it.
Will you help shape the future of Minnesota Public Radio by taking our short Listener Survey?
It only takes a few minutes, and your input helps us serve you better—whether it’s news, culture, or the conversations that matter most to Minnesotans.
