Mesabi Metallics secures $150 mn from Macquarie Group

Nashwauk, MN (US): Mesabi Metallics Company LLC (Mesabi Metallics), backed by Essar Group, on Monday announced that it has secured $150 million of financing from Macquarie Group, supporting the Q3 2026 startup of its world-scale Direct Reduction (DR) grade iron ore mine and pellet plant in Nashwauk, Minnesota.

The latest financing builds on recent capital momentum for the structurally important American iron ore project. The financing follows Mesabi’s recently announced $520 million senior secured credit facility with Breakwall Capital, further reinforcing the strong momentum behind the project.

Mesabi has also recently received support from the US Export-Import Bank (EXIM), reflecting the project’s growing strategic importance to US manufacturing, infrastructure, automotive, shipbuilding, and defense.