Mesabi Metallics Secures $520 Million Funding for New Iron Ore Mine

Mesabi Metallics Co. LLC has announced the acquisition of a $520 million credit facility from Breakwall Capital. The funds will support the completion of a $2.5 billion iron ore mine and pellet plant in Minnesota, targeting a Q3 2026 operational start. This initiative aims to bolster the U.S. steel supply chain by reducing reliance on imported materials.

The project has already seen significant investment, with over $2 billion funded by the Essar Group and backing from the U.S. Export-Import Bank. The project currently employs over 750 workers and marks one of the largest private-sector investments in Minnesota.

Mesabi aims to provide high-quality DR-grade iron ore, serving the Electric Arc Furnace market, which is known for its energy-efficient steelmaking. This venture is expected to create numerous long-term jobs and strengthen America's industrial position.