The financing will support the commissioning of the company’s world-class direct reduction (DR)-grade iron ore mine and pellet plant in Nashwauk, which is scheduled to come online in the third quarter of 2026.
In a statement, the company noted that this financing follows a previously announced $520 million secured credit facility with Breakwall Capital, further reinforcing strong momentum behind the project. It was also stated that the project is supported by the Export-Import Bank of the United States (EXIM).
The project developed by Mesabi Metallics aims to establish a new domestic source of DR-grade iron ore at a time when the United States is seeking to strengthen its industrial supply chains and reduce dependence on imported raw materials.
Spanning more than 16,000 acres in northern Minnesota and representing a total investment of $2.5 billion, the facility is expected to supply high-quality raw materials, particularly for electric arc furnace (EAF) steel production. Upon completion, the project is anticipated to contribute to the U.S. steel industry’s transition to next-generation production technologies.
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