Essar Steel Minnesota, a U.S. affiliate of Indias Essar Global Group, has hired financial and legal advisers to help it restructure its debt, Reuters reported last week, citing sources familiar with the matter.
The company is in the final stages of building a $1.8 billion iron ore pellet plant in northern Minnesota. Its woes underscore the impact that cheap Chinese imports have had on the price of iron ore and U.S. steel manufacturers.
Essar Steel Minnesota has hired investment bank Guggenheim Partners and law firm White & Case as debt restructuring advisers, the sources said last week. Essar Steel Minnesota has about $1 billion in debt, one of the people added.
The sources asked not to be identified because the appointments are …
Read the full article at: http://www.twincities.com/2016/03/29/business-briefing-essar-minnesota-seeks-debt-relief-reports-says/