CORRECTED-UPDATE 1-Energy trader Mercuria to grow iron ore business with U.S. mine stake [Reuters (UK)]
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Source: Reuters
Energy trader Mercuria to grow iron ore business with U.S. mine stake | Reuters 3 Min Read LONDON (Reuters) - Global commodities trader Mercuria Energy Group is expanding its iron ore business with a majority stake in U.S. Mesabi Metallics Co, it said on Wednesday, deepening its investment in the United States at a time of a resurgent steel industry. The Geneva-based firm would invest $650 million in the miner in exchange for the stake under a memorandum of understanding signed with Chippewa Capital Partners that currently owns 100 percent of Mesabi. Mesabi has a 7 million tonne per year mine-to-plant pellet-making project in Minnesota, United States. The miner emerged out of Essar Steel Minnesota, part of Indian conglomerate Essar Global Group, that filed for bankruptcy in 2016. “Today’s announcement is part of Mercuria’s ambition to further expand and invest in the United States, playing a greater role in increasing American production capacity, and indirectly supporting the strateg
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