Federal Register #EIB20260199

EXIM Bank Financing for Iron Ore Mine and Direct Reduction Iron Plant in Minnesota

EXIM Bank is considering a major financing opportunity to support the development of an iron ore mine and a Direct Reduction Iron plant in Minnesota. - Government buyer: - Export-Import Bank of the United States (EXIM) - Project scope: - Financing for an iron ore mine in the Mesabi Range and a Direct Reduction Iron plant in Nashwauk, Minnesota - Part of EXIM's Make More in America initiative - Products/services requested: - Direct reduction iron pellets for electric arc furnace steel making - Principal suppliers are various U.S. entities (no specific OEMs or vendors named) - Quantities and part numbers: - No specific quantities or part numbers provided - Unique requirements: - Focus on expanding the domestic steel supply chain - Supports infrastructure, defense systems, transportation, manufacturing, energy, shipbuilding, and defense-related supply chains - Emphasis on critical mineral resources and supply chain resilience - Production intended for both domestic use and export - Estimated contract value: - Exceeds $100 million (long-term loan or financial guarantee) - Notable for its strategic impact on U.S. manufacturing and supply chain security

Description

The Export-Import Bank of the United States (EXIM) has received an application for final commitment for a long-term loan or financial guarantee exceeding $100 million. The transaction supports the development of critical mineral resources essential to resilient domestic supply chains and advanced manufacturing. The financing will be used to develop an iron ore mine and a Direct Reduction Iron plant in Nashwauk, Minnesota, advancing U.S. leadership in the steel supply chain. Comments on the transaction must be received by September 11, 2026.

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