If Essar Steel does not pay its Minnesota vendors, in full, by close of business on Wednesday, December 2nd, Governor Dayton will call the state's $66 million loan

ST. PAUL, MN - On Wednesday, November 25th, Governor Mark Dayton spoke by phone with Madhu Vuppuluri, President and CEO of Essar Steel Minnesota. Governor Dayton informed Mr. Vuppuluri that if the company does not pay its Minnesota vendors, in full, by close of business on Wednesday, December 2nd, he will call the state's $66 million loan and demand its immediate repayment.

During last week's phone call, Governor Dayton also informed Mr. Vuppuluri that if the company pays its Minnesota vendors by Wednesday, but fails to stay current on its payments to vendors in the future, he will again call the state's loan and demand its immediate repayment.

 

On October 12, 2015, Governor Dayton was assured by representatives of Essar Steel Minnesota, and the CEO of its parent company, Essar Global Fund Ltd., that Essar's vendors would be paid in full by October 31st. However, those assurances were not fulfilled.