Essar Steel officials announced that the company is still committed to the construction of an iron ore pellet and slab steel plant near Nashwauk. The project, previously estimated at USD 1.6 billion, could begin construction this spring, but financing issues remain. Essar has put in about USD 200 million and is seeking more capital in both the U.S. and India. Essar Steel, whose officials could not be reached for comment, has shared its construction schedule with Nashwauk mayor William Hendricks, and he said it continues to move forward. The plan calls for a two-year construction.
