Mesabi Metallics, backed by Essar Group, secured $150 million of financing from Macquarie Group, supporting the Q3/26 startup of its world-scale direct reduction (DR) grade iron ore mine and pellet plant in Nashwauk, Minnesota.
The financing follows Mesabi’s recently announced $520 million senior secured credit facility with Breakwall Capital. Mesabi has also recently received support from the U.S. Export-Import Bank.
“This financing from Macquarie marks another major step forward for Mesabi Metallics and builds on the strong momentum we have established with our recently announced financial partnerships,” Joe Broking, president and CEO of Mesabi Metallics, said. “Together, these transactions reflect growing confidence in the quality, scale and strategic importance of our project as we build a new American source of DR-grade iron ore to strengthen domestic steel supply chains and reduce dependence on imports.”
Mike Burns, senior managing director in Macquarie Group’s commodities and global markets business, said, “Macquarie has enjoyed a longstanding financing relationship with Essar Group, and we are pleased to extend that relationship to their metals and mining investments in the U.S. Mesabi is developing a high-quality and strategically important project for the U.S. steel sector, and we look forward to supporting the company over the long term.”
