Mesabi Metallics Company

Impact: Mesabi Metallics Company secured $150 million in financing from Macquarie Group and $520 million from Breakwall Capital, along with support from the U.S. Export-Import Bank, to fund its $2.5 billion iron ore mine and pellet plant project in United States — Minnesota. This funding is crucial for the Q3 2026 startup of its Direct Reduction grade iron ore production, aiming to strengthen domestic steel supply chains.

Impact: Mesabi Metallics Company sold 50% of its royalty interest to The Metals Royalty Company for $265 million, which will be used for future growth and validates the strategic importance of its iron ore project.

Impact: Mesabi Metallics achieved a key operational milestone, advancing toward first pellet production and strengthening its position as a domestic DR-grade ore supplier.