This marks the fifth consecutive year that Mesabi Metallics has repaid Itasca County for a grant from the Minnesota Department of Employment and Economic Development, bringing the total grant repayment to $42 million
[NASHWAUK, MN] – Mesabi Metallics Company LLC (Mesabi Metallics), a wholly-owned subsidiary of Essar Group (Essar), today confirmed that with continued financial investment from Essar, the company paid $7.25 million at the close of 2024 to Itasca County toward the repayment of a Minnesota Department of Employment and Economic Development (DEED) grant. This marks the fifth consecutive year that Mesabi Metallics has repaid the County for the DEED grant. Mesabi Metallics confirmed that with support from Essar, all yearly DEED grant repayments have been paid on time, continuing to fulfill its commitment to the State of Minnesota and Itasca County.
“We are proud of our contributions to the community, and we recognize the importance of adhering to our commitments,” said Joe Broking, President & CEO of Mesabi Metallics. “This payment reflects our dedication to fulfilling our responsibilities and keeping the Mesabi project on track to begin commercial operations in Q1 2026. We continue to work closely with State agencies, and we look forward to future opportunities to work with the State of Minnesota on partnerships that grow economic development and advance climate goals.”
DEED provided a grant of approximately $64 million to Itasca County for development of infrastructure to support investment and jobs on the Iron Range in relation to Mesabi Metallics’ mine and pellet plant project in Nashwauk, Minnesota. Mesabi Metallics agreed to repay $70 million to the County, which includes interest on the grant, and is following a payment schedule agreed upon by the State and Mesabi Metallics in 2020. To date, Mesabi Metallics has repaid approximately $42 million. This represents one the largest State grant repayments in Minnesota history. While the State had sought repayment of the grant due to a delay in completion of the project, Mesabi Metallics continues to bring investment and jobs to the Iron Range as it advances construction on its project in Nashwauk.
Mesabi Metallics has invested more than $1.8 billion into its project in Nashwauk to date and will further invest $550 million over the course of 2025 to build the Iron Range’s first new mine in 50 years. Mesabi Metallics announced that it will create about 350 full time multigenerational jobs and over 600 construction jobs at the site. As of today, about 400 building trade union workers and Mesabi Metallics employees are on site working towards the completion of the project.
