{"id":33424,"date":"2026-03-18T22:31:00","date_gmt":"2026-03-18T18:31:00","guid":{"rendered":"https:\/\/gbc1.net\/?p=33424"},"modified":"2026-04-01T09:44:18","modified_gmt":"2026-04-01T05:44:18","slug":"us-exim-bank-supports-mesabi-metallics-iron-ore-project","status":"publish","type":"post","link":"https:\/\/gbc1.net\/index.php\/2026\/03\/18\/us-exim-bank-supports-mesabi-metallics-iron-ore-project\/","title":{"rendered":"US EXIM Bank Supports Mesabi Metallics Iron Ore Project"},"content":{"rendered":"\n

At the Indo-Pacific Energy Security Ministerial (#IPEM2026<\/a>), US EXIM Bank announced its support for the iron ore mining and processing facility project by Mesabi Metallics. The financing will support the maintenance of a domestic vertically-integrated iron and steel production ecosystem within the US borders.<\/p>\n\n\n\n

Since 2000, Essar Group of India got involved in the Project which is located in Nashwauk in the state of Minnesota. But the Project stalled due to a lack of financing. During the 2020s, the Project was rebranded as Mesabi Metallics and recapitalized with a restructuring in ownership. Construction restarted in 2023 and is now 75% complete. First production is now scheduled for 2Q26. Essar has already injected USD 1.8 billion into the Project and plans to invest an additional USD 500 million to complete the project.<\/p>\n\n\n\n

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