Mesabi Metallics, a sustainable iron ore and steel producer, has obtained US$150 million in financing from Macquarie Group for its Direct Reduction grade iron ore mine and pellet plant in Minnesota.

The funds will be used to start operations in the third quarter of 2026, reducing US dependence on steel imports and supplying cleaner, energy-efficient electric arc furnaces. This financing adds to a US$2 billion investment from Essar Group and a further US$520 million senior secured credit facility from Breakwall Capital.

Mesabi's President and CEO Joe Broking noted the financing marks another major step forward, while Macquarie's Senior Managing Director of Commodities and Global Markets business Mike Burns highlighted their longstanding relationship with Essar Group.