EXIM Chairman Visits America’s First New Iron Ore Mine in 50 Years as Operations Begin in Northern Minnesota

NASHWAUK, MN. - Today, 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," said Jovanovic. "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."

"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. 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," said Rep. Pete Stauber (MN-08).

"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. We thank Chairman Jovanovic and US 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," said Rewant Ruia, Chairman of Mesabi Metallics.

ABOUT EXIM:

As the United States government's official export credit agency, the Export-Import Bank of the United States (EXIM) supports American jobs by facilitating U.S. exports. As an independent agency, EXIM plays a critical role in supporting economic growth, securing critical supply chains, and ensuring American businesses are given a fighting chance. To achieve this mission, EXIM offers financing including export credit insurance, working capital guarantees, loan guarantees, and direct loans. Learn more at www.exim.gov.

ABOUT MESABI METALLICS:

Mesabi Metallics' Nashwauk operation is the first new iron ore mine and pellet plant to start up in the United States in 50 years. It is expected to produce up to 7 million tons per year of high-grade, direct reduction grade iron ore pellets, the premium feedstock used in modern, energy efficient steelmaking. Much of this material is currently imported into the United States.

The company employs more than 200 people and expects to employ approximately 350 more once the mine and plant reach full capacity. More than 1,500 construction contractors are currently on site.

###