United Statesmesabimetallics.com
Mesabi Metallics Company LLC (Mesabi Metallics), formerly Essar Steel Minnesota LLC, is developing an open-pit taconite iron ore mine and pelletizing facility in Nashwauk, Minnesota, on the Iron Range. Backed by the Essar Group, the $2.5 billion project— one of the largest private investments in the state— aims to produce 7 million metric tons annually of direct reduction (DR)-grade iron ore pellets for electric arc furnace steelmaking, supporting steel industry decarbonization.
The facility, the first new mine and pellet plant in Minnesota in nearly 50 years, features advanced technologies including electric-powered equipment and superior air pollution controls to minimize environmental impact. With reserves supporting over 20 years of operation, it is on track for commercial production in Q3 2026, creating over 350 jobs while enhancing U.S. supply chain security for high-grade pellets.
Also known as Essar Steel Minnesota LLC.
chemXplore tracks 2 projects involving Mesabi Metallics, of which 2 are active.
Mesabi Metallics's role on them: Owner, Operator, and Developer.
2 new construction.
Investment will link a Minnesota iron-ore mine with a new Iowa steel complex using DRI and EAF technology to produce 100% US steel and create thousands of jobs.
EXIM-backed support and major private investment underpin startup of the first US iron ore mine in 50 years, aiming to cut imports, shore up supply chains and create hundreds of jobs.
World-scale DR-grade iron ore mine and pellet plant in Nashwauk, MN, set for Q3 2026 start; $2.5B project on 16,000+ acres, EXIM support, $2B+ equity invested and 800 workers onsite.
New mining credit fund focusing on structured, event-driven financing for mining and critical minerals. First deal: $520M loan to back a US iron-ore mine and pellet plant; project has $2.2B+ invested.
Northern Minnesota DR-grade iron ore mine and pellet plant on 16,000+ acres progressing toward commercial start; $2.5B project, 750+ construction workers onsite, backed by EXIM support.
By country, the most active first. active / all projects
