Nashwauk, MN (NNCNOW.com) - Essar Steel Minnesota will delay the opening of its Nashwauk Taconite plant.
According to the Star Tribune, the President of the company says the delay is due to financing issues.
The plant located about 90 miles northwest of Duluth and was scheduled to open this fall.
The original plan called for one point one billion in spending and their new plan requires Essar to spend one point seven billion dollars.
Officials say they are in the advanced stages of securing the additional six hundred million dollars needed to finish the project.
Currently about 100 of Essar's workers are at the site.
The plan calls for 350 full time taconite worker.