Dayton gives Essar Steel 'final offer' to repay $66 million to state
Gov. Mark Dayton has issued a "final offer" for Essar Steel Minnesota to repay nearly $66 million in loans to help build a still uncompleted taconite plant in northeastern Minnesota.
The governor, in a letter sent Wednesday to Essar Steel CEO Madhu Vuppuluri, gave the company a week to accept the terms, which would require payments to begin in early February and be fully repaid by the end of 2020.
Essar Steel said in a statement that it was reviewing the state's proposal and "will respond in due course." Company officials said Essar is "continuing to work diligently in its efforts to keep payments flowing to local contractors and vendors."