The Itasca County Board of Commissioners gave a thumbs down to a reorganization plan for the former Essar Steel, now known as Mesabi Metallics. The Essar plant, idled for a year and a half, is restarting some core processes under the approval of the bankruptcy court, even as at least one other company bids for the unfinished plant.
Mitch Brunfelt, Mesabi Metallics General Counsel, updated the commissioners Tuesday.
On Saturday, Chippewa Capital Partners LLC — and which includes Tom Clarke, owner of ERP Iron Ore, submitted a bid of $250 million to a federal bankruptcy court. Clarke was the successful bidder last year for the bankrupt Magnetation