Mesabi Metallics sells royalty interest

Mesabi Metallics Company, backed by Essar Group, has agreed to sell 50% of its royalty interest to The Metals Royalty Company for $265 million. This transaction, which closed its first tranche on June 1, 2026, validates the strategic importance of Mesabi Metallics Company's $2.5 billion DR-grade iron ore mine and pellet plant in Minnesota. Once operational in Q3 2026, the plant will be a significant domestic producer of DR-grade iron ore pellets, reducing the United States' reliance on imports from countries like Brazil. The project has also secured over $670 million in financing from Breakwall Capital and Macquarie Group, with an additional $10 billion indication of support from the United States — Export–Import Bank of the United States, underscoring its role in strengthening domestic manufacturing and critical supply chains.