(St. Paul, MN) — Essar (ESS-er) Steel has accepted Governor Mark Dayton’s final offer to repay what it owes on a $66-million loan. The state loaned money to Essar in 2004 as the company began building a nearly $2 billion taconite plant in Nashwauk. The new agreement requires Essar to begin making payments in February 2016, and have the loan completely repaid by 2020. Earlier, Dayton threatened to call in the loan and require immediate repayment because Essar had fallen behind on payments to its vendors on the Iron Range. The governor eased off when Essar made good on some of those debts.