Hibbing, Minnesota-based Essar Steel Minnesota LLC (ESML) released an announcement this week that categorically denies that Essar Global Fund Limited (EGFL), ESML’s India-based shareholder, is considering selling the business, contrary to recent media reports.
ESML’s President and CEO, Madhu Vuppuluri, commented: “We are very pleased to have closed $450 million of bond financing for ESML in the last few weeks. At this significant milestone we look forward to completing ESML’s world class 7 million mt per annum fully-integrated pellet production facility and to an exciting future for ESML.
“ESML will add 7 million mt per annum of pellet producing capacity to EGFL’s existing 20 million mt per annum of pellet producing capacity operating and under development in India. Accordingly, it is a core investment in the EGFL portfolio.”