Mesabi Metallics, an Essar Group company, is constructing a state-of-the-art 7-million metric ton Direct-Reduction (DR) grade iron ore pellet and mine with resources of 1.3 billion tons on over 16,000 acres in Nashwauk, Minnesota. The project is on track to be commercially operational in 2026, and once completed, it will be the first new mine and pellet plant in Minnesota in almost 50 years. Mesabi’s DR grade pellets will be strategically positioned to meet the demand of the Electric Arc Furnace market, ensuring supply chain security for DR grade pellets in the United States and replacing foreign imported pellets while powering the decarbonization of steel production.
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Columns5| Company | Markets | New markets | Momentum | Activity | Expansion score |
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Manager - Piping
View postingPaducah, KY · 2w ago
Manager - Lab and Quality Control
View postingNashwauk, MN · 6mo ago
Mechanical Design Engineer - HVAC Systems
View postingNashwauk, MN · 9mo ago
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The Metals Royalty Company agreed to acquire a 1% production royalty in Minnesota's Mesabi Metallics iron ore project for $132.5 million, financing through $75 million PIPE and $50 million credit facility.
Mesabi Metallics sold 50% royalty interest to TMCR for $265 million, valuing the platform at over $500 million, to fund its Minnesota DR-grade iron ore mine starting Q3 2026.
Mesabi Metallics sold 50% royalty interest to TMCR for $265M, valuing the platform over $500M. The $2.5B DR-grade iron ore facility in Minnesota will start production Q3 2026.
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