[SMM Iron & Steel] Mesabi Metallics Secures $520 Million for Minnesota Iron Ore Project

Published: Apr 1, 2026 11:58

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Mesabi Metallics Company, backed by the Essar Group, announced on March 31, 2026, that it has secured a $520 million senior secured credit facility to complete its iron ore mine and pellet plant in Nashwauk, Minnesota. The project, which is in an advanced stage of development, is now on track to commence commercial operations in the third quarter of 2026. This facility is designed to produce 7 million tonnes of high-grade iron ore pellets annually, providing a critical domestic supply of feedstock for North American blast furnaces and future direct reduction plants.

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