Essar Steel Hires New CEO
After nine years leading Essar Steel Minnesota, the company has relieved CEO Madhu Vuppulluri and replaced him with Matthew Stock.
According to a release from Essar Steel Minnesota, Stock has 25 years experience in the metals and mining business, including building to completion several iron ore pelletizing facilities around the world.
Essar Steel Minnesota filed for bankruptcy late last week. Its $1.9 billion taconite plant project in Nashwauk is stalled and Minnesota Governor Mark Dayton terminated its mineral leases because of a failed payment on $67 million owed the state for infrastructure work related to the project.
Essar Steel Minnesota says that Governor Mark Dayton’s decision on the leases violates federal law and now will be sorted out in bankruptcy court.
Former CEO Vuppuluri has taken a new leadership position with Essar Capital.