Essar Steel Minnesota (ESML) denied that Essar Global Fund Limited, its ultimate shareholder, is considering selling the business, contrary to recent media reports.
“We are very pleased to have closed $450 million of bond financing for ESML in the last few weeks. At this significant milestone, we look forward to completing ESML’s world class 7 million tons per annum fully-integrated pellet production facility and to an exciting future for ESML,” ESML’s President and CEO, Madhu Vuppuluri, said in a news release.
“ESML is a world class asset that we believe will be one of the lowest cash cost producers of iron ore pellets in North America,” he said. “It is a core investment in the EGFL portfolio.”
When completed, the $1.8 billion project will consist of an open-pit iron ore mine, crushing, concentrating and pelletizing facilities and a rail line and train-loading system.