In a statement, Cleveland-Cliffs said it has acquired 553 acres and leased another 3,215 acres in Itasca County, Minn., USA. The properties include parcels that were formerly leased by to Mesabi Metallics Co. LLC, formerly Essar Steel Minnesota, the company said.

Cleveland-Cliffs said the lease rights expired 31 October 2017 when Mesabi failed to exit bankruptcy. 

“We are enthused about the acquisition of this property, which came into play after Chippewa Capital Partners failed to follow through on its obligation to obtain financing and a bankruptcy exit for Mesabi Metallics by October 31. Despite several botched attempts by others, it is now the time for Cleveland-Cliffs to sit at the table with other responsible parties and develop a realistic solution for this site,” said Cleveland-Cliffs chairman and chief executive Lourenco Goncalves.

The Duluth News Tribune reported that the deal adds a new twist to the ongoing saga of the Essar Minnesota project.

The News Tribune has more here.