<div id="readability-page-1" class="page"><div id="parent_top_div">Essar Group-backed Mesabi Metallics Company LLC said on Tuesday that it has entered into a new $520-million senior secured credit facility with Valor Mining Credit Partners II, managed by Breakwall Capital LP, with Vitol, as it nears commercial operations in Minnesota later this year. The financing will provide support to its $2.5 billion direct reduction (DR) grade iron ore mine and pellet plant located on more than 16,000 acres in northern Minnesota. The project will onshore a strategically important segment of the US steel supply chain, the company said. About 750 construction workers are currently on site. The Essar Group has already invested over $2 billion of equity in the project. One of the largest private sector industrial investments in the state’s history, the project has also received support from the US Export-Import Bank (EXIM), underscoring its strategic importance to US manufacturing and supply chain security for the American manufacturing, automobile, infrastructure, shipbuilding, and defence sectors, the company said. Describing the partnership with Breakwall as an important milestone for Mesabi Metallics, Joe Broking, president and chief executive officer of Mesabi Metallics, said, “We are bringing to market a brand-new American source of the highest quality DR-grade iron ore that will help US steelmakers reduce reliance on imported raw materials and international supply chains.” America is already the global leader in next-generation electric arc furnace-based steelmaking, he added. Mesabi Metallics, he said, will create hundreds of “high-quality” jobs in northern Minnesota and support the reshoring of American industrial dominance. Daniel Flannery, president and managing partner of Breakwall, said, “Mesabi Metallics is a great example of the type of high-quality company and large-scale mining project we seek to partner on — anchored by a long-life resource in an advanced stage of development, with strategic importance to critical industrial development.” Jamie Brodsky, co-chief executive officer and managing partner of Breakwall, added, “This deal further demonstrates the breadth of our partnership with Vitol, combining credit solutions with global resource marketing acumen, to deliver a multitude of solutions for top-tier companies like Mesabi Metallics and world-class operators like the Essar Group.”</div></div>

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Essar Group's Mesabi Metallics has secured a $520 million senior secured credit facility from Breakwall Capital LP to support its $2.5 billion iron ore mine and pellet plant in Minnesota. The project aims to enhance the US steel supply chain and has already attracted over $2 billion in equity investment from Essar. It is expected to create hundreds of jobs and has received backing from the US Export-Import Bank, highlighting its significance for American manufacturing and supply chain security.

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Essar's Mesabi Metallics secures $520 million funding from Breakwall