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Macquarie Group Provides $150 Million in Financing to Mesabi Metals
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Release time：2026-04-10
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This investment builds on the company’s previously established $520 million senior secured credit facility with Breakwall Capital.
Mesabi Metals, backed by the Essar Group, has secured $150 million in funding from Macquarie Group to support its iron-ore mines and pelletizing plant in the United States. This financing will also underpin the launch of a direct-reduction (DR) facility in Nashwauk, Minnesota, scheduled for the third quarter of 2026. The $2.5 billion project is set to supply the U.S. steel industry with next-generation electric-arc furnaces (EAFs).
Mesabi’s latest financing package builds on its previously announced $520 million senior secured credit facility with Breakwall Capital, underscoring significant progress on the project. The U.S. Export-Import Bank has recently expanded its support for the Mesabi Project, highlighting its growing strategic importance across key sectors such as manufacturing, automotive, infrastructure, shipbuilding, and defense. Located in northern Minnesota and spanning more than 16,000 acres, the facility represents a major new source of DR-grade iron ore in the United States. This development comes at a time when the U.S. is striving to strengthen its industrial supply chains and reduce reliance on raw-material imports. Joe Broking, President and CEO of Mesabi Metallics, stated: “This financing from Macquarie marks another important step forward for Mesabi Metallics and reinforces the strong momentum generated by our recently announced financial partnerships.”
“These transactions collectively underscore our growing confidence in the project’s quality, scale, and strategic importance as we establish a new U.S. DR-grade iron ore supply source to strengthen the domestic steel supply chain and reduce reliance on imports.” Currently, more than 800 workers are employed at the construction site. Mike Burns, Senior Managing Director of Macquarie Group’s Commodities and Global Markets business, stated: “Macquarie has maintained a long-standing financing relationship with Essar Group, and we are pleased to extend this partnership to their metals and mining investments in the United States. Mesabi is developing a high-quality, strategically significant project for the U.S. steel industry, and we look forward to supporting the company over the long term.”
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