The latest financing is part of recent capital momentum for a structurally important US iron ore project.
NASHWAUK, Minn., 6 avril 2026 /PRNewswire/ — Mesabi Metallics Company LLC (Mesabi Metallics), backed by Essar Group, today announced it has secured $150 million in funding from Macquarie Group, supporting the third quarter 2026 start-up of its direct reduction grade iron ore mine (DR) and its global pelletizing plant in Nashwauk, Minnesota.
This financing follows Mesabi’s recently announced $520 million senior secured credit facility with Breakwall Capital, further building momentum for the project.
Mesabi also recently received support from the American Export-Import Bank (EXIM), reflecting the project’s growing strategic importance to U.S. manufacturing, infrastructure, automotive, shipbuilding and defense.
Mesabi Metallics is building a new U.S. source of strategically important DR-grade iron ore at a time when the United States is working to strengthen industrial supply chains and reduce dependence on the materials first imported.
Located on more than 16,000 acres in northern Minnesota, Mesabi Metallics is completing construction of a $2.5 billion global DR-grade iron ore mine and pellet plant that will power the next generation of electric arc furnaces from American steel mills, the cleanest, most energy-efficient way to make high-quality steel.
With more than 800 workers on site, this project is one of the largest private sector industrial investments in Minnesota history. The Essar group has already invested more than $2 billion of equity in the project.
“This financing from Macquarie marks another important milestone for Mesabi Metallics and builds on the strong momentum we have established with the recently announced financial partnerships,†said Joe Broking, President and CEO of Mesabi Metallics. “Together, these transactions demonstrate growing confidence in the quality, scale and strategic importance of our project, which aims to create a new U.S. source of DR-grade iron ore to strengthen domestic steel supply chains and reduce reliance on imports. HAS”
