Mesabi Metallics

Produces DR-grade pellets for EAF steel.

Mesabi Metallics

Produces DR-grade pellets for EAF steel.

Overview

Mesabi Metallics is building a large-scale iron ore mining and processing plant in Nashwauk, Minnesota, to produce Direct-Reduction (DR) grade iron ore pellets for the Electric Arc Furnace (EAF) steel market. The plant aims to produce 7 million metric tons per year of high-iron, low-impurity DR-grade pellets, enabling domestic supply of feedstock for green steel production and reducing dependence on imported iron ore. The operation uses taconite ore beneficiation and direct-reduced iron processes in a modern pellet plant, serving the EAF segment that prefers energy-efficient, scrap-based steelmaking. The project, led by CEO Joe Broking and COO Larry Sutherland and financed by Essar Group, represents a major private investment in Minnesota and is intended to advance the region’s industrial development, support US steel supply chain security, and align with decarbonization goals through increased use of DR-grade pellets and potential green-steel pathways.

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About Mesabi Metallics

Simplify's Rating

Why Mesabi Metallics is rated

C+

Rated B on Competitive Edge

Rated B on Growth Potential

Rated D+ on Differentiation

Industries

Industrial & Manufacturing

Company Size

51-200

Company Stage

Debt Financing

Total Funding

$1.4B

Headquarters

Minnesota, United States

Founded

2008

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Simplify's take

What believers are saying

EXIM toured Nashwauk September 17, 2026, backing up to $10 billion financing.
The Minnesota site was 95.5% complete in May 2026, with 1,500 contractors on-site.
Iowa lawmakers expanded incentives October 5, 2026, creating performance-based tax credits for Mesabi.

What critics are saying

Iowa still lacks final state approval; no permits existed in Lee County on October 6, 2026.
Mesabi's Minnesota permits remain under amendment review after EPA received the draft air permit October 15.
The company missed deadlines before; Essar bankruptcy history and lease disputes threaten another project collapse.

What makes Mesabi Metallics unique

Nashwauk started Minnesota's first new iron ore mine in fifty years, September 2026.
Mesabi's DR-grade pellets target EAF steelmakers, replacing imported high-purity feedstock.
Midrex selected Mesabi's Iowa complex for hot DRI and HBI production, October 2026.

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Funding

Total Funding

$1.4B

Above

Industry Average

Funded Over

3 Rounds

Debt funding comparison data is currently unavailable. We're working to provide this information soon!

Debt Funding Comparison Coming Soon

Benefits

Health Insurance
401(k) Retirement Plan
401(k) Company Match
Disability Insurance
Life Insurance
Paid Vacation
Paid Holidays

Growth & Insights and Company News

6 month growth

-2%

1 year growth

-5%

2 year growth

-5%

Sales Leads Inc.

Nov 6th, 2026

Q4 starts strong: 169 new Industrial Manufacturing planned projects in October 2026, most for the year.

Q4 starts strong: 169 new Industrial Manufacturing planned projects in October 2026, most for the year. Posted On Friday, November 06, 2026 by Evan Lamolinara Industrial SalesLeads identified 169 new planned capital projects in the Industrial Manufacturing industry in October 2026, the highest monthly total this year. The previous high was 165 industrial projects, both in March and July. The increase is in line with broader strength in manufacturing coming from ISM. The ISM Manufacturing PMI rose to 55.5% in October, its 10th straight month of expansion. The Industrial SalesLeads findings come from the firm's monthly report on planned capital projects across North America, which covers facility expansions, new plant construction and major equipment modernization. Industrial Manufacturing - By Project Type Manufacturing/Production Facilities - 156 New Projects Distribution and Industrial Warehouse - 77 New Projects Industrial Manufacturing - By Project Scope/Activity New Construction - 49 New Projects Expansion - 50 New Projects Renovations/Equipment Upgrades - 85 New Projects Plant Closings - 14 New Projects Industrial Manufacturing - By Project Location (Top 10 States) North Carolina - 14 Indiana - 13 Texas - 11 Georgia - 9 California - 8 Pennsylvania - 7 Alabama - 6 Connecticut - 5 Massachusetts - 5 Largest Planned Project During the month of October, its research team identified 20 new Industrial Manufacturing facility construction projects with an estimated value of $100 million or more. The largest project is owned by Mesabi Metallics Company, who is planning to invest $15 billion for the construction of a manufacturing facility in CEDAR RAPIDS, IA. They are currently seeking approval for the project. Completion is slated for 2030. Top 10 Tracked Industrial Manufacturing Projects Semiconductor mfr. is planning to invest $10 billion for the construction of a manufacturing facility in MALTA, NY. Construction is expected to start in late 2026, with completion slated for 2029. They are also considering the construction of an additional manufacturing facility at the site. Automotive mfr. is planning to invest $4 billion for the construction of a manufacturing facility in PEACH COUNTY, GA. Construction is expected to start in 2027, with completion slated for early 2030. Submarine component mfr. is planning to invest $3.7 billion for the construction of a 2 million sf manufacturing complex facility in BALTIMORE, MD. They are currently seeking approval for the project. Completion is slated for 2030. PENNSYLVANIA: Steel company is planning to invest $3 billion for the construction of a manufacturing facility in BRADDOCK, PA. The project includes equipment upgrades on their existing manufacturing facility at the site. Construction is expected to start in Summer 2029. Pharmaceutical company is planning to invest $2.2 billion for the construction of a processing campus in NEW ALBANY, OH. They are currently seeking approval for the project. Construction is expected to start in Summer 2027, with completion slated for 2031. TENNESSEE: Battery mfr. is planning to invest $1 billion for the expansion and equipment upgrades on their manufacturing facility in SPRING HILL, TN. They are currently seeking approval for the project. Construction is expected to start in late 2026, with completion slated for 2028. NORTH CAROLINA: Construction equipment mfr. is planning to invest $1 billion for the construction of a manufacturing facility in SANFORD, NC. They are currently seeking approval for the project. Automotive parts mfr. is planning to invest $560 million for the expansion and equipment upgrades on their manufacturing facility in WEST POINT, GA. They are currently seeking approval for the project. MISSISSIPPI: Nickel refinery is planning to invest $502 million for the construction of a processing and refinery facility in NATCHEZ, MS. They are currently seeking approval for the project. Completion is slated for 2029. Electrical design and engineering firm is planning to invest $412 million for the construction of two manufacturing facilities totaling 1.9 million sf in RUTHER GLEN, VA and TYSONS, VA. They are currently seeking approval for the project. About Industrial SalesLeads, Inc. Since 1959, Industrial SalesLeads, based in Jacksonville, FL is a leader in delivering industrial capital project intelligence and prospecting services for sales and marketing teams to ensure a predictable and scalable pipeline. Its Industrial Market Intelligence, IMI identifies timely insights on companies planning significant capital investments such as new construction, expansion, relocation, equipment modernization and plant closings in industrial facilities. The Outsourced Prospecting Services, an extension to your sales team, is designed to drive growth with qualified meetings and appointments for your internal sales team. Visit SalesLeads, Inc. at salesleadsinc.com. Each month, its team provides hundreds of industrial reports within a variety of industries. Want a predictable flow of qualified leads? Let's talk about how SalesLeads, Inc. can build it for you.

Specialty Publications International, Inc.

Nov 4th, 2026

169 new Industrial Manufacturing planned projects in October 2026.

169 new Industrial Manufacturing planned projects in October 2026. * Features * November 4, 2026 Industrial SalesLeads identified 169 new planned capital projects in the Industrial Manufacturing industry in October 2026, the highest monthly total this year. The previous high was 165 industrial projects, both in March and July. The increase is in line with broader strength in manufacturing coming from ISM. The ISM Manufacturing PMI rose to 55.5% in October, its 10th straight month of expansion. The Industrial SalesLeads findings come from the firm's monthly report on planned capital projects across North America, which covers facility expansions, new plant construction and major equipment modernization. Industrial Manufacturing - By Project Type * Manufacturing/Production Facilities - 156 New Projects * Distribution and Industrial Warehouse - 77 New Projects Industrial Manufacturing - By Project Scope/Activity * New Construction - 49 New Projects * Expansion - 50 New Projects * Renovations/Equipment Upgrades - 85 New Projects * Plant Closings - 14 New Projects Industrial Manufacturing - By Project Location (Top 10 States) * North Carolina - 14 * Indiana - 13 * Ohio - 13 * Texas - 11 * Georgia - 9 * California - 8 * Pennsylvania - 7 * Alabama - 6 * Connecticut - 5 * Massachusetts - 5 Largest Planned Project During the month of October, its research team identified 20 new Industrial Manufacturing facility construction projects with an estimated value of $100 million or more. The largest project is owned by Mesabi Metallics Company, who is planning to invest $15 billion for the construction of a manufacturing facility in CEDAR RAPIDS, IA. They are currently seeking approval for the project. Completion is slated for 2030. Top 10 Tracked Industrial Manufacturing Projects NEW YORK: Semiconductor MFR. is planning to invest $10 billion for the construction of a manufacturing facility in MALTA, NY. Construction is expected to start in late 2026, with completion slated for 2029. They are also considering the construction of an additional manufacturing facility at the site. GEORGIA: Automotive MFR. is planning to invest $4 billion for the construction of a manufacturing facility in PEACH COUNTY, GA. Construction is expected to start in 2027, with completion slated for early 2030. MARYLAND: Submarine component MFR. is planning to invest $3.7 billion for the construction of a 2 million SF manufacturing complex facility in BALTIMORE, MD. They are currently seeking approval for the project. Completion is slated for 2030. PENNSYLVANIA: Steel company is planning to invest $3 billion for the construction of a manufacturing facility in BRADDOCK, PA. The project includes equipment upgrades on their existing manufacturing facility at the site. Construction is expected to start in Summer 2029. OHIO: Pharmaceutical company is planning to invest $2.2 billion for the construction of a processing campus in NEW ALBANY, OH. They are currently seeking approval for the project. Construction is expected to start in Summer 2027, with completion slated for 2031. TENNESSEE: Battery MFR. is planning to invest $1 billion for the expansion and equipment upgrades on their manufacturing facility in SPRING HILL, TN. They are currently seeking approval for the project. Construction is expected to start in late 2026, with completion slated for 2028. NORTH CAROLINA: Construction equipment MFR. is planning to invest $1 billion for the construction of a manufacturing facility in SANFORD, NC. They are currently seeking approval for the project. GEORGIA: Automotive parts MFR. is planning to invest $560 million for the expansion and equipment upgrades on their manufacturing facility in WEST POINT, GA. They are currently seeking approval for the project. MISSISSIPPI: Nickel refinery is planning to invest $502 million for the construction of a processing and refinery facility in NATCHEZ, MS. They are currently seeking approval for the project. Completion is slated for 2029. VIRGINIA: Electrical design and engineering firm is planning to invest $412 million for the construction of two manufacturing facilities totaling 1.9 million SF in RUTHER GLEN, VA and TYSONS, VA. They are currently seeking approval for the project. About Industrial SalesLeads, Inc. Since 1959, Industrial SalesLeads, based in Jacksonville, FL is a leader in delivering industrial capital project intelligence and prospecting services for sales and marketing teams to ensure a predictable and scalable pipeline. Its Industrial Market Intelligence, IMI identifies timely insights on companies planning significant capital investments such as new construction, expansion, relocation, equipment modernization and plant closings in industrial facilities. The Outsourced Prospecting Services, an extension to your sales team, is designed to drive growth with qualified meetings and appointments for your internal sales team. Visit MHWmag at. Each month, its team provides hundreds of industrial reports within a variety of industries. Magazine & eNewsletter Printed monthly magazine. Published monthly, Material Handling Wholesaler offers feature columns and special coverage of relevant industry issues and products. Digital monthly magazine. Published on the fourth Thursday of each month, Material Handling Wholesaler offers feature columns and special coverage of relevant industry issues and products. Its Weekly newsletter is emailed every Tuesday and contains the latest Industry Events and People News, Source Directory, and important Industry Links. Published every Monday morning with the latest material handling equipment available for sale. Share the Post:

Quad Cities Regional Business Journal

Oct 29th, 2026

If Iowa builds it, will the workers come?

If Iowa builds it, will the workers come? By: QCBJ Editorial | October 28, 2026 About 160 miles from the Field of Dreams in Dyersville and nearly 100 miles south of the Quad Cities, Lee County is preparing for a $15 billion steel plant, which backers call the largest integrated mill in American history. Local, state and national leaders, including President Donald Trump, announced the project, an economic development coup that could turn this economically depressed corner of southeast Iowa into a growth engine for generations. The plant is expected to begin producing steel in 2030 and will bring as many as 6,000 construction jobs and 1,750 permanent jobs to Iowa, company leaders said. The first phase is projected to generate $95 billion in total economic impact during construction and its first 10 years of operation. The developer, Mesabi Metallics, is also investing $2.5 billion in a mine on Minnesota's Mesabi Iron Range to supply the plant. White House officials said it will be the first new iron ore mine in the U.S. in 50 years, producing 7.5 million tons of ore annually. "This is a transformational opportunity, not even for our country, but for Iowa, and really for American families," Iowa Gov. Kim Reynolds said. "It reduces our dependence on our foreign supply chain, strengthens our national security, and most importantly, as a governor for Iowa, these are tremendous high-paying jobs with incredible benefits, increased salaries, and opportunities for local businesses and community development." Opposition from environmental groups is all but certain, and concerns about emissions and water use deserve straight answers. Still, few economic development projects can reshape a region the way manufacturing can. Data centers, which have fueled rapid growth in the Cedar Rapids/Iowa City Corridor and may soon do the same in Clinton County, face growing resistance over their power and water demands and the relatively few permanent jobs they create. Manufacturing jobs, by contrast, ripple through suppliers, contractors and local businesses. A reliable domestic source of steel could also help other Midwest manufacturers control sourcing and costs. The biggest hurdle, however, is workforce. Lee County cannot staff this plant on its own. Its population of about 32,500 is shrinking, and with unemployment at 4%, few workers sit idle. Even if every jobless resident signed on, the county would fall well short of 1,750 permanent positions, let alone 6,000 construction jobs. Without a serious recruitment effort, the plant will compete for workers in the Quad Cities and the Corridor, where employers already struggle to fill jobs. We want this facility to succeed, and it could reshape southeast Iowa for decades. But company and state leaders owe the business community a plan to attract and retain workers, covering housing, training and transportation. Workforce is already among the Midwest's biggest challenges. Iowa can build it. Now it needs a plan to make sure the workers come.

The Times of India

Oct 17th, 2026

'Trillions pouring into America': White House lists over $330 billion investments from India.

'Trillions pouring into America': White House lists over $330 billion investments from India. Edited by Aashish Vashistha / TIMESOFINDIA.COM / Oct 17, 2026, 18:44 IST US President Donald Trump. The White House on Friday listed investments worth over $10.87 trillion in the US, including more than $330 billion from India, placing the country among the leading investors in the American economy. The investment figures were displayed in a video played on a loop on the White House's YouTube channel. The list included two separate entries for India, one showing investments worth $310 billion and another listing $20.5 billion. "Lo-fi beats & billion-dollar investments to build America's Golden Age. Sit back, relax & enjoy the soothing sound of trillions pouring into America this Friday," the White House said in a post on X. The video also featured a $15 billion steel plant announced by Essar Group's Mesabi Metallics in Iowa. The overall investment tally includes commitments from foreign countries as well as private industry in the US. The White House did not immediately respond to queries on the investment figures. In March, US President Donald Trump announced that Reliance Industries was investing $300 billion to establish an oil refinery in Brownsville, Texas. You May Like In May, Indian industry announced plans to invest up to $20.5 billion in the US on the sidelines of the SelectUSA Investment Summit. Trump has repeatedly highlighted investment commitments as evidence of his administration's economic achievements. During public rallies ahead of the November 3 midterm elections, he has claimed that his administration secured more than $20 trillion in investments and commitments for the US economy. The investment showcase comes as the US faces a widening budget deficit and mounting concerns over its public debt. The federal budget deficit rose to $1.99 trillion in fiscal year 2026, up 12 per cent from $1.78 trillion in the previous year, according to data released by the Treasury Department on Friday. The deficit, which occurs when government spending exceeds revenue, reached its highest level since 2021. The widening shortfall comes amid concerns over the country's $40.3 trillion debt burden and rising inflation, even as borrowing costs climb. Refunds linked to Trump's tariffs, which were overturned, have further added to the budget gap, the report said. The deficit increase also comes despite Trump's promises to rein in government spending. End of Article

Yieh Corp.

Oct 14th, 2026

Midrex chosen for direct reduction at Mesabi Metallics' Iowa steel complex.

Midrex chosen for direct reduction at Mesabi Metallics' Iowa steel complex. 14 Oct 2026 14:25 reported by Lily Nguyen Mesabi Metallics has selected Midrex Technologies, Inc. to supply the direct reduced iron (DRI) component of its planned electric arc furnace-based integrated steelmaking complex in Iowa, a US$15 billion investment. The facility is designed to produce up to 10 million tons of steel per year at full buildout, with a first phase of 7.5 million tons annually and one of the world's largest DRI complexes. The direct reduction section will use MIDREX Flex(TM) technology to produce hot direct reduced iron (HDRI) for direct feed to adjacent electric arc furnaces, as well as hot briquetted iron (HBI). The award builds on a relationship of more than three decades between Midrex and the Essar Group, Mesabi Metallics' sponsor, whose first MIDREX(TM) plant started up in India in 1990 and which went on to build and operate six MIDREX DRI modules as the base of a 10 million ton steel business. Mesabi selected Midrex because of its demonstrated operational expertise, leadership in DRI technology, adaptable solutions, and capacity to assist customers throughout project development and many years of plant operation. This combination minimizes technical and operational risks while offering flexibility to adapt to changes in feedstock, energy, and market conditions.

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