The GFG consortium was the sole bidder last Wednesday after the Delaware bankruptcy court auctioned the semi-finished plant and its assets. We have managed to do so where others have failed and have successfully turned them around,” Jay Hambro, Chief Investment Officer at GFG Alliance, told ET from London. The US is also an exciting place to be in now.”The original Essar Steel Minnesota was owned by Essar Global. Essar moved into Minnesota in 2007, shortly after it acquired a Canadian steel manufacturer in Algoma. GFG Alliance and the financial investors will each put in $250 million, while Chippewa would put up the assets of the old Magnetation operation into the project.

Source: Economic Times May 02, 2017 18:34 UTC