Essar to invest $4 bn in Minnesota steel plant

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Express news service Posted: Sep 21, 2008 at 2350 hrs IST

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New Delhi: : Domestic steel giant Essar on Saturday pledged to invest over $4 billion to build a steel plant and develop a 1.4-billion-tonne iron ore mine at Minnesota in the United States. Essar Steel Holdings, a subsidiary of Essar Global Ltd, acquired Minnesota Steel last year, which has been renamed Essar Steel Minnesota. It has more than 1.4 billion tonnes of iron ore reserves in the Mesabi region, which has one of the largest deposits of the mineral in the US. Besides iron ore mining and production, the project will include a concentration plant, a pellet plant, a direct- reduced iron (DRI) plant and steel-making facilities, a company official said. On achieving full production, Essar Steel Minnesota would employ nearly 500 people, it added. The groundbreaking ceremony for the Minnesota plant was held on Friday.

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