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Mesabi Metallics Secures $520 Million from Breakwall Capital - Advances towards Q3 2026 start of New American Iron Ore Mine
The financing backs a $2.5 billion project with more than 750 workers onsite and aims to reduce reliance on imported iron ore pellets.
- On Tuesday, Mesabi Metallics Company LLC announced it secured a $520 million senior secured credit facility from Breakwall Capital LP to support its iron ore project in Nashwauk, Minnesota.
- Backed by the Essar Group, Mesabi Metallics is completing a $2.5 billion Direct Reduction-grade iron ore mine and pellet plant to onshore a strategically important segment of the U.S. steel supply chain.
- "We are bringing to market a brand-new American source of the highest quality DR-grade iron ore," said Joe Broking, President and CEO of Mesabi Metallics, with over 750 construction workers currently onsite.
- The project has received support from the U.S. Export-Import Bank, underscoring growing federal recognition of its strategic importance to automotive, defense, and shipbuilding sectors.
- Upon completion, the facility will be the first new mine and pellet plant in Minnesota in almost 50 years, with commercial operations expected to commence later this year.
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24 Articles
24 Articles
Mesabi Metallics Secures Key Financing for Minnesota Iron Ore Project
Mesabi Metallics Company LLC, supported by Essar Group, has secured a USD 520 million credit facility to advance its Minnesota iron ore project. The funding supports the development of a USD 2.5 billion DR-grade iron ore mine to bolster US steel supply. Over 750 workers are onsite with operations slated for 2026.
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Total News Sources24
Leaning Left1Leaning Right2Center14Last UpdatedBias Distribution82% Center
Bias Distribution
- 82% of the sources are Center
82% Center
C 82%
12%
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