MIAMISBURG, Ohio (News release) -- Verso Corporation announced the completion of the sale of the company's closed mill in Duluth, Minnesota, to ST Paper 1, LLC, effective May 13, 2021.

"Since the idling of the Duluth Mill in July 2020, we have been working diligently to find a viable and sustainable alternative for the Duluth Mill," said President and Chief Executive Officer Randy Nebel. "We are pleased to have found a buyer who plans to operate the Duluth Mill in the future, providing local employment opportunities and serving the local business community and residents of the Duluth area."

ST aims to convert the mill to produce tissue paper, instead of the supercalendered paper it has traditionally manufactured. ST Paper had been negotiating to purchase the mill and convert it to tissue paper production at an anticipated cost of about $54 million.