Mesabi Metallics Company LLC, backed by Essar Group, has secured $150 million of financing from Macquarie Group, supporting the Q3 2026 startup of its Direct Reduction grade iron ore mine and pellet plant in 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 US Export-Import Bank.
Mesabi Metallics is completing a $2.5 billion world-scale merchant DR-grade iron ore mine and pellet plant that will supply the next generation electric arc furnaces of American steelmaking.
With more than 800 construction workers currently onsite, Essar Group has already invested more than $2 billion of equity into the project.
Joe Broking, President and CEO of Mesabi Metallics said the financing from Macquarie marks another major step forward for the company and builds on the strong momentum established with recently announced financial partnerships.
Mike Burns, Senior Managing Director in Macquarie Group’s Commodities and Global Markets business said Mesabi is developing a high-quality and strategically important project for the US steel sector and Macquarie looks forward to supporting the company over the long term.