Subsidy Tracker Individual Entry

Company: 
Essar Steel Minnesota
Parent Company: 
Essar Group
Subsidy Source: 
multiple
Location: 
Minnesota
City: 
Nashwauk
County: 
Itasca
Project Description: 

taconite mine and production plant

Year: 
2010
Major Industry of Parent: 
diversified
Specific Industry of Parent: 
diversified
Subsidy Value: 
$72,000,000
Program Name: 
multiple
Awarding Agency: 
multiple
Type of Subsidy: 
MEGADEAL
Number of Jobs or Training Slots: 
300
Capital Investment: 
$1,700,000,000
Source of Data: 

Overview of total subsidy package including infrastructure investment and jobs data was taken from: John Myers, "$1.7B Minnesota Taconite Development Still Sitting Partially Built", St. Paul Pioneer Press, March 4, 2014. Available online at: http://www.twincities.com/localnews/ci_25270272/1-7b-minnesota-taconite-... Details of IRRRB subsidy came from: Meeting Minutes, Iron Range Resources Board, April 15, 2010 available online at: http://mn.gov/irrrb/images/20100415BoardPacket.pdf Details of State Grant came from: Rebecca Otto, Ithasca County 2009 Financial Report, Office of the State Auditor. Available online at: http://www.auditor.state.mn.us/reports/aud/2009/financialStatements/itas... Name of State Program and other dates was taken from: Approved Policy Exceptions, Office of Grants Management, 2014 Available online at: http://mn.gov/admin/images/grants_approved_grant_program_exceptions.xls

Notes: 

The State of Minnesota, Itasca County, and Essar Global Limited entered into an agreement that Essar Steel Minnesota would build a steelmaking plant near Nashwauk in Itasca County. The Minnesota Department of Employment and Economic Development approved a grant of up to $66 million from the Minerals 21st Century Fund. The grant was for the county to invest in the public infrastructure that would benefit only Essar. The company also received a $6 million low-interest loan from the Iron Range Resource and Rehabilitation Board (IRRRB). If the project is not completed by the October 2015, Essar will return the funds. Moreover, as long as Essar is making sufficient progress it can forgo payment on the loan for up to four years. Overlap with main Subsidy Tracker data: none.

Source Notes: 
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