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(AMM) Essar Steel Minn. gets deferral on loan repayment

January 05, 2009 - 23:54 GMT Location: PITTSBURGH

Essar Steel Minnesota LLC has been granted a one-year extension on a loan repayment plan by Minnesota's Iron Range Resources Board for its steel mill project in the state.

The steelmaker now has an additional year to repay $6 million in interest and principal on two loans to the project. Essar Steel Minnesota was seeking a four-year postponement of the repayments, according to a report on Minnesota's BusinessNorth.com Web site.

The board, in a meeting last week, also...

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