US EXIM announces $10 billion support to Essar Group’s Mesabi Metallics
The project also aims to deepen strategic economic ties with India, showing how collaboration on energy and critical minerals can drive innovation, economic growth, and resilient supply chains.
- Mar 20, 2026,
- Updated Mar 20, 2026 11:22 AM IST
The United States has announced support of up to $10 billion to Mesabi Metallics, an Essar Group company, for a major minerals and manufacturing project in Minnesota. The financing aims to increase the production of high-grade direct-reduction iron ore pellets, which are essential for modern steelmaking.
The US Export-Import Bank (EXIM) revealed the commitment during the Indo-Pacific Energy Security Ministerial and Business Forum held in Tokyo last week. The loans are part of nearly $30 billion in strategic deals to strengthen America's supply chain security alongside Indo-Pacific allies.
Mesabi Metallics is developing an integrated iron ore mining and processing facility designed to produce about 7 million tons of high-grade iron ore pellets annually. These pellets are critical inputs for next-generation steel production and will create hundreds of jobs in the United States.
The project also aims to deepen strategic economic ties with India, showing how collaboration on energy and critical minerals can drive innovation, economic growth, and resilient supply chains, according to EXIM. This reflects a broader effort to strengthen partnerships across the Indo-Pacific region.
In addition to the Mesabi Metallics project, EXIM issued Letters of Interest supporting up to $4.2 billion for potential financing of nuclear fuel sales by General Matter to nuclear power operators in Japan and South Korea. This financing would support the purchase of American enriched uranium, reducing reliance on adversarial suppliers and enhancing secure nuclear fuel supply chains.
EXIM is also backing the Copi Project in Australia, led by RZ Resources with Japanese partners JX Advanced Metals and Marubeni Corporation. The project, expected to produce titanium feedstocks, zircon, and other strategic minerals, is supported by up to $550 million in financing. This reflects growing coordination among like-minded economies to expand secure critical minerals supply chains.
Furthermore, EXIM is supporting the $14 billion Delfin LNG Project, the first offshore liquefied natural gas export facility in the US. The project involves partners from Japan and South Korea and aligns with efforts to boost America’s energy dominance, expand energy supply, and strengthen domestic maritime capabilities.
The United States has announced support of up to $10 billion to Mesabi Metallics, an Essar Group company, for a major minerals and manufacturing project in Minnesota. The financing aims to increase the production of high-grade direct-reduction iron ore pellets, which are essential for modern steelmaking.
The US Export-Import Bank (EXIM) revealed the commitment during the Indo-Pacific Energy Security Ministerial and Business Forum held in Tokyo last week. The loans are part of nearly $30 billion in strategic deals to strengthen America's supply chain security alongside Indo-Pacific allies.
Mesabi Metallics is developing an integrated iron ore mining and processing facility designed to produce about 7 million tons of high-grade iron ore pellets annually. These pellets are critical inputs for next-generation steel production and will create hundreds of jobs in the United States.
The project also aims to deepen strategic economic ties with India, showing how collaboration on energy and critical minerals can drive innovation, economic growth, and resilient supply chains, according to EXIM. This reflects a broader effort to strengthen partnerships across the Indo-Pacific region.
In addition to the Mesabi Metallics project, EXIM issued Letters of Interest supporting up to $4.2 billion for potential financing of nuclear fuel sales by General Matter to nuclear power operators in Japan and South Korea. This financing would support the purchase of American enriched uranium, reducing reliance on adversarial suppliers and enhancing secure nuclear fuel supply chains.
EXIM is also backing the Copi Project in Australia, led by RZ Resources with Japanese partners JX Advanced Metals and Marubeni Corporation. The project, expected to produce titanium feedstocks, zircon, and other strategic minerals, is supported by up to $550 million in financing. This reflects growing coordination among like-minded economies to expand secure critical minerals supply chains.
Furthermore, EXIM is supporting the $14 billion Delfin LNG Project, the first offshore liquefied natural gas export facility in the US. The project involves partners from Japan and South Korea and aligns with efforts to boost America’s energy dominance, expand energy supply, and strengthen domestic maritime capabilities.