Essar Steel Minnesota Wants Loan Extension From the State for Unfinished Mill

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Cold-rolled steel

Essar Steel Minnesota needs help from the Minnesota Legislature in 2015 to forestall repayment of a $67 million state subsidy used to build its new taconite plant in Nashwauk.

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Essar officials met with the Iron Range delegation of state lawmakers recently and said they can’t meet an October 2015 deadline to make not just taconite iron ore pellets but also steel at the facility that remains under construction nearly 8 years after the project began.

Moreover, the company says it has no plans or money to build the steel mill.

The price of Chinese slab fell 9.1% on Thursday, December 25 to CNY 2,790 ($448.58) per metric ton, making it the day’s biggest mover. The price of Chinese HRC fell 6.9% to a 30-day low of CNY 2,850 ($458.23) per metric ton yesterday. The price of Chinese coking coal saw essentially no change for the fifth day in a row, remaining around CNY 1,080 ($173.65) per metric ton. The price of iron ore 58% fines from India hit a high price of CNY 840.00 ($135.06) and a low price of CNY 840.00 ($135.06) per dry metric ton.

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For the fifth consecutive day, the steel billet cash price held flat on the LME at $500.00 per metric ton. The steel billet 3-month price held steady on the LME at $480.00 per metric ton.

The 3-month price of the US HRC futures contract saw little movement at $606.00 per short ton. The spot price of the US HRC futures contract held steady yesterday, remaining around $605.00 per short ton.

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