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Indian Steel Maker Investing $1.6B in Minnesota

Essar Steel Holdings Ltd., a manufacturer of steel products based in Mumbai, India, will invest US$1.6 billion to develop an iron-ore mine and steel plant in Nashwauk, Minnesota, according to the Minnesota governor's office. More than 700 new permanent jobs and 4,000 construction and spinoff jobs are expected with the project, which will include a new iron-ore pellet plant, direct-reduced iron facility, and steel mill that will produce up to 2.5 million tons of steel products annually. Essar, which purchased Minnesota Steel Industries LLC last year, will take over a site that closed in 1986, and has already broken ground at the site for additional construction and retooling. Incentives for Essar include $71.9 million from the state for infrastructure development.

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