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Published: October 19, 2026 |
The Export-Import Bank of the United States (EXIM) Chairman John Jovanovic toured Mesabi Metallics’ iron ore mine and pellet plant on Minnesota’s Iron Range as the operation begins its startup.
Jovanovic met with company leaders to discuss supply chain security, the role of domestic iron ore in reducing America’s reliance on imports, and the hundreds of jobs the operation supports.
“Make no mistake: supply chain security is national security. This iron ore mine, the first of its kind opening in America in over 50 years, will boost U.S. supply chains and support hundreds of well-paying jobs, and I’m proud of EXIM’s role in financing such a critical project. Under President Trump’s leadership, we are making more in America,” said John Jovanovic.
“I am excited that the Export-Import Bank of the United States is supporting American mineral dominance by issuing up to $10 billion in financing for the expansion of Mesabi Metallics here on Minnesota’s Mighty Iron Range. For generations, Minnesota’s miners have developed the iron ore essential to producing American steel, which has strengthened our national security, infrastructure, and domestic manufacturing. These hardworking Minnesotans helped build our nation and played a vital role in winning two World Wars,” said Rep. Pete Stauber (MN-08).
“America’s steel industry and the Iron Range have taken some hits over the years, but this investment will help ensure our proud mining heritage continues through the creation of hundreds of good-paying union jobs and increased mineral development that will make American steelmaking great again. I want to thank Chairman Jovanovic for visiting the Iron Range today, along with this incredible investment in my state’s future, and the American people’s future,” added Stauber.
“The Iron Range built America, and Mesabi Metallics is leading the rebirth of large scale investment in domestic iron ore production. We are the first in 50 years and we won’t be the last. This is what making more in America looks like,” said Rewant Ruia, chairman of Mesabi Metallics.
“We thank Chairman Jovanovic and U.S. EXIM for standing with us. Minnesota has one of the greatest iron ore deposits in the world, and we are investing over $2.5 billion in advanced technology to produce the highest quality DR grade pellets, helping strengthen America’s global leadership in next generation EAF steelmaking,” added Ruia.
Mesabi Metallics, an Essar Group company, is developing a state-of-the-art DR-grade iron ore mine and pellet plant in Nashwauk, Minnesota. Upon completion, the project will represent an approximately $2.5 billion investment and become the first new iron ore mine and pellet plant developed in Minnesota in nearly fifty years. Mesabi is expected to produce some of the highest-grade DR pellets in the world, providing a secure domestic supply of critical raw materials needed to support America’s steel industry, infrastructure buildout, shipbuilding, defense industrial base and broader manufacturing resurgence. Mesabi Metallics is the cornerstone of a broader strategy to re-shore critical steel supply chains and industrial production back to the United States.
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