Mesabi Metallics has secured $150 million  (€128 million) from Macquarie Group, supporting the startup of its Direct Reduction (DR) grade iron ore mine and pellet plant. This falls in line with the USA’s agenda to strengthen industrial supply chains and reduce reliance on imported raw materials.

This funding is in addition to an announcement in March of $520 million (€445 million) from Breakwall Capital.

The project is estimated to cost $2.5 billion (€2.1 billion). It is hoped this development will supply the next generation of American steel-making in the cleanest and most efficient way.

Joe Broking, President and CEO of Mesabi Metallics, said: “Together, these transactions reflect growing confidence in the quality, scale and strategic importance of our project as we build a new American source of DR-grade iron ore to strengthen domestic steel supply chains and reduce dependence on imports.”

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