Essar-Magnetation Deal in Works

Could be Finalized May 22

DULUTH, Minn. – Essar Steel of Minnesota’s project in Nashwauk got some new life yesterday as Chippewa Capital Partners won the bid to run it, which was worth about $300 million.

Chippewa is owned by Tom Clarke, of the state of Virginia, who also bought out the bankrupt Magentation ore plant in Grand Rapids.

The plans now are to merge Magentation and Essar together.

There’s no word yet on how many jobs this possible deal could produce. It’s set to be finalized May 22.