Nolan Vows Support for Essar Take Over Project
Cliffs plans to take over Essar Steel project and create new Iron Range jobs
Cliffs Natural Resources President and CEO Lourenco Gonclaves has planned to take over the bankrupt Essar Steel project and create hundreds of new mining jobs on the Iron Range.
In a press release today, U.S. Congressman Rick Nolan vowed his support for Cliffs’ plan to take over the project. Last week, Nolan joined Governor Mark Dayton in Nashwauk to show his strong support in the effort.
Gonclaves had vowed to reinvest in the mining industry if the White House Administration would crack down on illegal foreign steel dumping, after he met with White House Chief of Staff Denis McDonough last December.
More than 450 miners are back at work in Babbit and Silver Bay, while another 500 are set to return to Eveleth and Forbes next month.
The mining industry had been economically devastated by illegal steel dumping by China, but new taxes on Chinese steel are allowing U.S. steel mills to operate at 75% capacity, allowing iron ore prices to rise from $40 to almost $60 a ton. Steel imports have decreased #1% in the first five months of 2016 compared to the same time in 2015.
Canada and Mexico have agreed to join forces with the U.S. to assist in the crackdown on illegal foreign steel dumping.