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Essar Steel Minnesota LLC ("ESML" or
the "Company") is pleased to announce that it has entered into a long term
iron ore pellet off-take agreement with ArcelorMittal USA
MT. The term
of the agreement is ten years and the supply of pellets is expected to
commence during the second half of ESML's fiscal year ending March 31, 2014.
As per the agreement, ESML will supply 3.5 million metric tonnes of standard
and fluxed iron ore pellets annually to ArcelorMittal's North American
operations.
ESML has approximately 2.0 billion metric tonnes of measured, indicated and
inferred magnetite resources, out of which approximately 1.7 billion metric
tonnes are proven and probable reserves. Furthermore, the Company also has
about 290 million metric tonnes of hematite resources. ESML is presently
constructing a 7.0 million metric tonnes per annum iron ore pellet plant at
Nashwauk in Northern Minnesota, at an investment of US$ 1.7 billion.
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