Essar Global Limited, through its wholly owned subsidiary - Essar Steel Holdings Limited, ("Essar") and Minnesota Steel LLC. ("Minnesota") today announced that an agreement has been executed to acquire Minnesota Steel LLC; a US based steel company which controls iron ore resources of over 1.4 Billion tonnes. 

Minnesota Steel plans to set up an integrated steel plant at an estimated cost of USD 1.65 billion. The steel plant will have an annual capacity of 2.5 million tonnes when completed. 

Construction is expected to begin in the third quarter subject to necessary environmental and regulatory approvals. 

The steel plant will be built in phases with the first phase expected to go on stream in 2009 and produce up to 1.5 million tonnes of thick steel slab per year.

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