STEEL
Essar Steel History of
Trouble, Trouble, and More After paying off about $1.7 billion in several complex debt transactions around the world, India’s Essar Global is back in the picture in the $2 billion iron ore mine and processing site in Nashwauk.
E
G lo b a l
i s t h e pa r e n t
c o mpa n y o f
Essar Steel
ssar
M innesota , which filed for 2016 following a
bankruptcy in
decade of delays and difficulties with funding the
2016,
N ashwauk
project .
In
the nation took the unusual
E ssar S teel to pay back its economic-development loans, step of asking
company missed many job milestones and owed thousands of dollars. The Nashwauk plant, which could produce countless long-term jobs, still remains only half-built. because the
In late 2016, a California investment company named SPL Advisors took control of the job and changed the company name to Mesabi Metallics. Virginia entrepreneur Tom Clarke and his Chippewa Capital Partners bought the Essar Steel assets from bankruptcy. Shortly after. Clarke sold a vast majority share of their company to Nubai Global Management, a company in the British Virgin Islands, but remained on with management responsibilities. But, by late last summer, Virginia entrepreneur Tom Clarke and his Chippewa Capital Par tners were pushed out, and a series of lawsuits were hurled between Clarke and Nubai, with a majority share of the company awarded to Nubai Global Management. Along with fights between Clarke and
16 | SKILLINGS MINING REVIEW March 2019
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