No more Essar Steel; it’s now Mesabi Metallics

Posted December 15, 2016

No more Essar Steel; it’s now Mesabi Metallics

by John Myers, Duluth News Tribune

A federal bankruptcy judge in Delaware has approved a new name for the company formerly known as Essar Steel Minnesota.

Mesabi Metallics was officially approved earlier this week as the new name of the still-bankrupt entity that controls a half-built but shuttered taconite mine and processing center in Nashwauk.

Mesabi Metallics is now controlled by a California investment firm, SPL Advisors, that is trying to broker a deal to pay off some of Essar’s $1 billion debt, work out a payment plan for contractors owed money, and find about $800 million to finish the project now estimated at nearly $2.6 billion to complete.

Posted: Dec 15th, 2016