EXIM Chairman Tours Mesabi Metallics’ New Iron Ore Mine in Minnesota
- Mesabi Metallics’ Nashwauk operation is the first new U.S. iron ore mine and pellet plant to start up in 50 years.
- The mine will produce high‑grade direct‑reduction (DR) iron ore pellets used in modern, energy‑efficient steelmaking.
- Rep. Pete Stauber cited EXIM support of up to $10 billion in financing for Mesabi Metallics’ expansion.
- Mesabi says it is investing over $2.5 billion in advanced technology to produce DR‑grade pellets.
Visit and focus
EXIM Chairman John Jovanovic toured Mesabi Metallics’ Nashwauk iron ore mine and pellet plant as the operation begins startup. He met company leaders to discuss supply‑chain security and the role of domestic iron ore in reducing U.S. reliance on imports, noting the project supports hundreds of jobs.
Financing and investment
Rep. Pete Stauber said the Export‑Import Bank is supporting the project and cited up to $10 billion in financing for Mesabi Metallics’ expansion. Mesabi’s chairman stated the company is investing more than $2.5 billion in advanced technology to produce high‑quality DR‑grade pellets.
Strategic significance
Speakers framed the mine as the first of its kind in over 50 years and as a contributor to domestic steelmaking competitiveness, supplying DR pellets for modern electric‑arc furnace (EAF) steel production and strengthening U.S. supply‑chain resilience.
Source: Essar