Essar Steel Minnesota last week announced they would be seeking a financing deadline for their $1.8 billion taconite plant project. Bondholders have been told the company needs more time to secure $464 million in loan financing and equity.
Their initial deadline to have these funds secured was last Thursday. News reports indicate the project broke ground in 2008 and was supposed to reach completion in 2013, but construction is far from done. Company officials were hopeful that the new bond agreement would help them complete the project by 2015. It's unclear when the plant's investors will vote on the extension request.