Product
March 26, 2026
Written by Ethan Bernard
The US Export Import Bank (Ex-Im) has said it will support a Mesabi Metallics iron ore project in Minnesota to up to $10 billion, according to a report in the Economic Times of India.
Mesabi Metallics, part of India’s Essar Group, has been developing a DR-grade iron ore project in Minnesota for over 20 years. (For more background, click here.)
The current plate market squeeze has been driven by improved demand and heightened import barriers, including 50% Section 232 tariffs. But the timing of fall outages—even if they were planned—is exacerbating the supply crunch.
U.S. Steel held a ceremonial groundbreaking on Monday for its new $475-million quench-and-tempering facility at its Fairfield Tubular Operations in Alabama.
The scrap market for October is looking for direction as some participants on both sides of the furnace are indicating scrap prices are poised for an increase.
SMU’s latest Flat-Rolled Steel Buyers Survey shows that in a tight US market marked by long lead times, low inventories, and rising prices, foreign products continue to gain the interest of domestic buyers.
Domestic raw steel output fell to a six-month low last week after hitting a multi-year high one week earlier, according to the latest American Iron and Steel Institute (AISI) figures.