EXIM Chairman Jovanovic in the Oval Office: It All Starts with Mining More in America
WASHINGTON, D.C. — Today, the Export-Import Bank of the United States (EXIM) Chairman John Jovanovic joined President Donald J. Trump in the Oval Office to announce Mesabi Metallics' $15B steel plant in Iowa. Last week, EXIM's Board of Directors approved a $770M direct loan for the company's iron ore mine in Minnesota. The iron ore will directly supply Mesabi’s new Iowa steel plant. The financing for both initiatives will support well-paying jobs across the country and strengthen U.S. supply chains for key materials.
“It all starts with mining more in America. This mine is the first mine opened in American in 50+ years focused on iron ore. EXIM financed it. But most importantly, it's found on the Iron Range in America, which for 145 years has been the most prolific iron ore deposit in the world," said Jovanovic. "What you see here today is private capital flowing in to rebuild America and to build America's future."
The newly announced steel plant in Iowa is expected to support more than 1,700 jobs. Mesabi Metallics' Minnesota iron ore 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.
Watch Chairman Jovanovic's remarks here.
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.