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Financing supports U.S. critical mineral security and helps reshore the American steel supply chain
NASHWAUK, Minn., April 1, 2026 /PRNewswire/ -- Mesabi Metallics Company LLC (Mesabi Metallics), backed by the Essar Group, today announced that it has entered into a new $520 million senior secured credit facility with Valor Mining Credit Partners II, L.P. (VMP II), a dedicated mining and critical minerals credit fund managed by Breakwall Capital LP (Breakwall) in partnership with Vitol, as it advances toward commercial operations later this year.
Located on more than 16,000 acres in northern Minnesota, Mesabi Metallics is completing a $2.5 billion world-scale merchant Direct Reduction (DR) grade iron ore mine and pellet plant that will onshore a strategically important segment of the U.S. steel supply chain.
With over 750 construction workers currently onsite, the project represents one of the largest private-sector industrial investments in the state's history. Essar Group has already invested over $2 billion of equity into the project. The project has also received support from the U.S. Export-Import Bank (EXIM), underscoring growing federal recognition of the project's strategic importance to U.S. manufacturing and supply chain security for the American manufacturing, automobile, infrastructure, shipbuilding and defense sectors.
"The partnership with Breakwall is an important milestone for Mesabi Metallics," said Joe Broking, President and CEO of Mesabi Metallics. "We are bringing to market a brand-new American source of the highest quality DR-grade iron ore that will help U.S. steelmakers reduce reliance on imported raw materials and international supply chains. America is already the global leader in the next generation Electric Arc Furnace-based steelmaking — the cleanest and most energy efficient way of making steel. Mesabi Metallics will create hundreds of high-quality jobs in northern Minnesota for several decades to come and will support the reshoring of American industrial dominance."
"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. We look forward to building upon this partnership with Mesabi Metallics and supporting them in their journey," said Daniel Flannery, President and Managing Partner of Breakwall. "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," added Jamie Brodsky, Co-CEO and Managing Partner of Breakwall.
About Mesabi Metallics Company LLC
Mesabi Metallics Company LLC, an Essar Group company, is constructing a state-of-the-art mine and Direct Reduction (DR) grade iron ore pellet plant to produce premium DR grade pellets on over 16,000 acres in Nashwauk, Minnesota. Once completed, it will be the first new mine and pellet plant in Minnesota in almost 50 years. Mesabi's DR grade iron ore pellets will be strategically positioned to meet the demand of the Electric Arc Furnace market, ensuring supply chain security for DR grade iron pellets in the United States and replacing foreign imported pellets. The endeavor is one of the largest private sector investments in Minnesota. Mesabi Metallics has already invested over $2.2 billion.
About Breakwall Capital LP
Breakwall Capital is a leading energy specialist focused on direct lending capital solutions to middle-market and developing energy companies. As an independent asset manager and employee-owned firm, Breakwall seeks to fill the gap that other financing providers appear reluctant to service. Breakwall is led by Christopher Abbate, Jamie Brodsky, and Daniel Flannery and since 2014, the Breakwall team has built a credit investment franchise that focuses exclusively on energy credit. During its 12-year history, the team has committed approximately $7.5 billion to energy and energy-related companies or projects across more than 70 transactions. Breakwall is headquartered in New York with offices in Texas and Rhode Island. For more information, please visit Breakwall's website at www.breakwallcap.com.
Financing supports U.S. critical mineral security and helps reshore the American steel supply chain
NASHWAUK, Minn., April 1, 2026 /PRNewswire/ -- Mesabi Metallics Company LLC (Mesabi Metallics), backed by the Essar Group, today announced that it has entered into a new $520 million senior secured credit facility with Valor Mining Credit Partners II, L.P. (VMP II), a dedicated mining and critical minerals credit fund managed by Breakwall Capital LP (Breakwall) in partnership with Vitol, as it advances toward commercial operations later this year.
Located on more than 16,000 acres in northern Minnesota, Mesabi Metallics is completing a $2.5 billion world-scale merchant Direct Reduction (DR) grade iron ore mine and pellet plant that will onshore a strategically important segment of the U.S. steel supply chain.
With over 750 construction workers currently onsite, the project represents one of the largest private-sector industrial investments in the state's history. Essar Group has already invested over $2 billion of equity into the project. The project has also received support from the U.S. Export-Import Bank (EXIM), underscoring growing federal recognition of the project's strategic importance to U.S. manufacturing and supply chain security for the American manufacturing, automobile, infrastructure, shipbuilding and defense sectors.
"The partnership with Breakwall is an important milestone for Mesabi Metallics," said Joe Broking, President and CEO of Mesabi Metallics. "We are bringing to market a brand-new American source of the highest quality DR-grade iron ore that will help U.S. steelmakers reduce reliance on imported raw materials and international supply chains. America is already the global leader in the next generation Electric Arc Furnace-based steelmaking — the cleanest and most energy efficient way of making steel. Mesabi Metallics will create hundreds of high-quality jobs in northern Minnesota for several decades to come and will support the reshoring of American industrial dominance."
"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. We look forward to building upon this partnership with Mesabi Metallics and supporting them in their journey," said Daniel Flannery, President and Managing Partner of Breakwall. "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," added Jamie Brodsky, Co-CEO and Managing Partner of Breakwall.
About Mesabi Metallics Company LLC
Mesabi Metallics Company LLC, an Essar Group company, is constructing a state-of-the-art mine and Direct Reduction (DR) grade iron ore pellet plant to produce premium DR grade pellets on over 16,000 acres in Nashwauk, Minnesota. Once completed, it will be the first new mine and pellet plant in Minnesota in almost 50 years. Mesabi's DR grade iron ore pellets will be strategically positioned to meet the demand of the Electric Arc Furnace market, ensuring supply chain security for DR grade iron pellets in the United States and replacing foreign imported pellets. The endeavor is one of the largest private sector investments in Minnesota. Mesabi Metallics has already invested over $2.2 billion.
About Breakwall Capital LP
Breakwall Capital is a leading energy specialist focused on direct lending capital solutions to middle-market and developing energy companies. As an independent asset manager and employee-owned firm, Breakwall seeks to fill the gap that other financing providers appear reluctant to service. Breakwall is led by Christopher Abbate, Jamie Brodsky, and Daniel Flannery and since 2014, the Breakwall team has built a credit investment franchise that focuses exclusively on energy credit. During its 12-year history, the team has committed approximately $7.5 billion to energy and energy-related companies or projects across more than 70 transactions. Breakwall is headquartered in New York with offices in Texas and Rhode Island. For more information, please visit Breakwall's website at www.breakwallcap.com.
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Mesabi Metallics Secures $520 Million from Breakwall Capital - Advances towards Q3 2026 start of New American Iron Ore Mine
HANOVER, Md., April 1, 2026 /PRNewswire/ -- Dragos Inc., a global leader in operational technology (OT) cybersecurity headquartered in Hanover, Maryland, USA, today announced the appointment of Kaori Nieda as its first Country Manager in Japan. This appointment builds on the strong foundation Dragos has established in Japan through its partnership with Macnica, and signifies the company's deepening commitment to the Japanese market. Nieda will lead initiatives to expand Dragos's capabilities in protecting industrial and critical infrastructure organizations, as well as other operators of cyber‑physical systems in Japan.
This strategic move underscores Dragos's dedication to supporting Japanese industrial organizations with world‑class solutions that safeguard operational environments. As Country Manager, Nieda will focus on accelerating growth, deepening customer relationships, and ensuring that organizations across Japan have access to the resources and expertise needed to defend against evolving OT cyber threats.
Going forward, Dragos will continue investing in regional innovation and partnerships to help Japan's industrial sectors remain resilient and secure in an increasingly connected world.
Nieda is a veteran cybersecurity leader with over 20 years of experience in threat intelligence, XDR, network security, and SaaS‑based security solutions. She has an extensive track record in expanding global security businesses in Japan and brings experience across enterprises, service providers, and public sector organizations. Her background includes building high‑performing teams, executing effective go‑to‑market strategies, and fostering strong executive‑level relationships.
Most recently, as Country Manager of Amplitude Analytics GK, she reorganized the Japan organization, doubled FY23 performance, secured new strategic customers, and rebuilt the go‑to‑market strategy and team. With deep leadership experience and a strong history of launching and scaling businesses in Japan, Nieda is well‑positioned to drive the next chapter of Dragos's growth in the region.
Nieda commented on joining the Dragos team: "I am excited to join Dragos at such a critical moment for the company's growth. Industrial and critical infrastructure organizations in Japan face an increasingly complex threat landscape, and Dragos's mission and capabilities are exactly what the market needs. I look forward to collaborating with customers and partners to strengthen OT cyber resilience throughout Japan."
Hayley Turner, Vice President for the Asia‑Pacific region at Dragos, added: "Japan is a critical and fast‑growing market for Dragos. Industrial and critical infrastructure organizations are at the center of security and resilience in this region. Expanding our presence in Japan is a top priority, and we are thrilled to welcome Kaori Nieda to lead our next growth phase. Her deep cybersecurity expertise and proven leadership make her an exceptional addition to the Dragos team."
About Dragos
Dragos is the most effective OT cybersecurity technology to industrial and critical infrastructure organizations as part of its global mission to safeguard civilization. With nearly a decade of experience responding to groundbreaking attacks on OT networks, Dragos understands the complexity and risks of industrial environments—uniquely configured systems operating at scale with strict availability requirements and not protected by traditional IT cybersecurity.
The Dragos Platform provides visibility and monitoring for OT environments—covering asset identification, vulnerability management, and threat detection—powered by continuous insights from the industry's most experienced OT threat intelligence and services team. It discovers and monitors OT, IT, IoT, and IIoT assets within OT environments and integrates them with IT security infrastructure. Dragos protects customers across electric utilities, oil & gas, manufacturing, water, transportation, mining, government agencies, and more.
Dragos is privately held and headquartered in Washington, D.C., with offices in North America, EMEA, and APAC.
For more information visit: https://hub.dragos.com/2026年-otサイバーセキュリティ年次レビュー-エグゼクティブサマリー
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Dragos Appoints Kaori Nieda as Country Manager to Drive Expansion in Japan
