- Associated Press - Wednesday, October 1, 2014

DULUTH, Minn. (AP) - Essar Steel Minnesota has closed on financing to complete construction of its open-pit iron ore mine and pellet plant.

With financing in place, Essar will now ramp up construction at the project site in Nashwauk.

In the next 30 to 60 days, the company will focus on foundation and concrete work before winter freeze-up.

WDIO-TV (https://bit.ly/1CGDcrj) reports Essar expects to begin producing taconite pellets in the second half of 2015.

Minnesota Power put out a statement Wednesday calling the financing “good news for the region.”

The utility will serve the Essar project with electric power through a municipal contract with the Nashwauk Public Utilities Commission. When it reaches full production of 7 million tons per year, the plant will require more than electricity than the entire city of Superior, Wisconsin.

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Information from: WDIO-TV, https://www.wdio.com


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