Mesabi Metallics Secures Key Financing for Minnesota Iron Ore Project

Mesabi Metallics Company LLC, backed by Essar Group, has announced securing a USD 520 million senior secured credit facility from funds managed by Breakwall Capital LP. This financing is pivotal as the company advances towards commencing operations at its massive Minnesota iron ore project this year.

Valued at USD 2.5 billion, the project includes a direct reduction-grade iron ore mine and pellet plant critical to bolstering the US steel supply chain. Currently underway, the initiative spans over 16,000 acres in northern Minnesota and is one of the largest private industrial investments in the state, with Essar already infusing over USD 2 billion.

Seeking to reduce dependence on imported raw materials, the project will support domestic steel production, impacting sectors like automotive and defense. Over 750 workers are already onsite as commercial operations are targeted for 2026. This investment underscores growing federal support for the project's strategic importance to US industry and supply chain security.