What MagIron does

MagIron LLC is a privately held U.S. industrial development company focused on supplying high-quality, low-carbon iron units to the Electric Arc Furnace (EAF) steelmaking sector as part of an effort to decarbonize the U.S. steel supply chain. The company is positioning itself to become the first fully integrated merchant pig iron producer in the United States, addressing near-total domestic dependence on imported pig iron. MagIron serves domestic EAF steelmakers and the strategic industries that depend on them — automotive, aerospace, and defense — by offering DR-grade iron ore pellets and, ultimately, merchant pig iron as low-carbon alternatives to imported feedstocks.

The company's core technical platform consists of two complementary assets: Plant 4, a modern past-producing iron ore concentrator in Gilbert, Minnesota (on the Mesabi Iron Range) with over $170 million of prior investment, a prior run-rate of approximately 2.0 million tonnes per annum, and design expansion capability to 3.0 mtpa; and the Reynolds Pellet Plant in Indiana, acquired from Altos Hornos de Mexico on December 31, 2025, with approximately $440 million of prior investment, modern straight-grate pelletizing technology, 2.2 million tonnes prior annual capacity, and expansion potential to 3.0 million tonnes. Together, these assets are designed to produce 2.6 million metric tons of DR-grade pellets annually over a 32-year mine life, with Plant 4 processing previously discarded waste materials from historical Mesabi Iron Range mining operations into high-grade, low-impurity iron ore concentrate.

MagIron's business model is a B2B commodity hardware-sales model targeting direct contracts with U.S. EAF steelmakers. Pricing is commodity-based and negotiated directly with steel industry customers, with no public disclosure. The company has not yet generated commercial revenue; it completed a Definitive Feasibility Study in January 2026 projecting $435 million of restart capex, $1,598 million base-case after-tax NPV, 27.6% IRR, $170.54 million average annual EBITDA, and a 3-year-7-month payback. A Final Investment Decision is targeted for early 2026 with commissioning targeted for early 2027. CoTec Holdings Corp. holds a 16.5% fully-diluted equity stake in MagIron.

Name

MagIron

Legal name

MagIron LLC

Website

https://magironusa.com

Company type

Private

Founded year

2022

Operating status

Operating

Short description

MagIron LLC is a pre-revenue U.S. industrial developer building vertically integrated DR-grade iron ore pellet and merchant pig iron capacity to supply the domestic Electric Arc Furnace steelmaking industry, targeting automotive, aerospace, and defense supply chains and decarbonization of steel production.

Ownership category

akta.pro rank

Product category

Iron Ore Processing & Metallurgical Inputs

NAICS

Iron Ore Mining (212210)

SIC

Metal Mining (1000)

akta.pro primary industry

Iron Ore Pelletizing & Agglomeration (Pellets, Sinter Feed, Lump) (IMAKAAAE)

akta.pro secondary industries

Iron Ore Mine Development & Expansion (EPC, Construction, Commissioning) (IMAKAAAB), Iron Ore Beneficiation & Concentration (Crushing, Screening, Washing, Magnetic Separation) (IMAKAAAD)

Keywords

• Iron ore processing
• DR-grade pellets
• Merchant pig iron
• EAF steelmaking inputs
• Green steel supply

Headquarters

HQ city

Gilbert

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Operations, Infrastructure, Supply Chain, Personnel, Technology or R&D

Revenue model

1. DR-Grade Iron Ore Pellets: Production and sale of Direct Reduction (DR) grade iron ore pellets to domestic EAF steelmakers. The company aims to restart both the Minnesota concentrator and Indiana pellet plant, targeting 2.6 million metric tons of DR-grade pellet output annually over a 32-year mine life.
2. Merchant Pig Iron: MagIron positions to become the first fully integrated merchant pig iron producer in the United States to serve the domestic EAF steelmaking sector.

Go-to-market motion1 record

Distribution channels1 record

Core offering

MagIron processes iron ore into DR-grade pellets and merchant pig iron for electric arc furnace (EAF) steelmakers seeking low-carbon inputs. The company operates a concentrator (Plant 4 in Minnesota) and a pelletizing facility (Reynolds Pellet Plant in Indiana) to convert iron ore — including low-grade and waste sources — into metallurgical-grade feedstocks used in EAF steelmaking.

Product overview

MagIron LLC operates as a high-performance iron ore processing company focused on decarbonizing the steel industry through the production of high-quality, low-carbon iron units. The company operates two core assets: Plant 4, a modern iron ore concentrator in Minnesota (previously operated at 2.0 mtpa with expansion to 3.0 mtpa capability), and the Reynolds Pellet Plant in Indiana (with capacity of 2.2 million tonnes expandable to 3.0 million tonnes). Together, these facilities form an integrated platform designed to produce DR-grade pellets and, ultimately, merchant pig iron for the growing U.S. EAF steel industry. The company processes previously discarded waste materials from historical mining operations on the Mesabi Iron Range into high-grade iron ore products.

Differentiator

Problem solved

Functional benefit

Products and services

• DR-Grade Pellets Direct-reduction-grade iron ore pellets produced for use as feedstock in electric arc furnace (EAF) steelmaking, intended for steel manufacturers seeking low-carbon, high-quality metallurgical inputs.
• Merchant Pig Iron Planned merchant pig iron product offered as a high-purity iron feedstock alternative to direct reduced iron for EAF steel producers requiring flexibility in charge mix.

Quantifiable outcome

• Projected base case after-tax NPV of $1,598 million
• +5 more outcomes

Named customers2 records

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Scale indicators11 records

Recent moves8 records

Expansion highlights6 records

Broad incumbents

• United States Steel Corporation: Integrated steelmaker with iron ore mining operations (including Minntac and Keetac on the Mesabi Range) that produce pellets primarily for captive blast furnace consumption. Comparable as a US iron ore pellet producer with EAF transition ambitions, but operates as an integrated steelmaker rather than a merchant iron unit supplier.
• Vale S.A. Global iron ore major with one of the largest DR-grade pellet portfolios in the world (Carajás and Tubarão complexes). Comparable to MagIron in DR-grade pellet production technology and target customer base (global EAF and DRI-EAF operators), though at vastly greater scale and with established international offtake relationships.
• ArcelorMittal: Largest global steelmaker with integrated iron ore mining and DR-grade pellet operations across multiple geographies, including significant US footprint. Comparable to MagIron in DR-grade pellet production capability and EAF strategy, but operates at integrated steelmaker scale with established customer relationships.
• Rio Tinto Group: Global diversified miner with iron ore operations in Australia and Canada producing DR-grade pellets for the steel industry's decarbonization transition. Comparable to MagIron's DR-grade pellet strategy and EAF/DRI customer focus, though primarily a global exporter rather than a US-domestic supplier.

Others

• Metso Corporation: Global supplier of mining, aggregates, and metals processing equipment, including pelletizing and beneficiation technology used in iron ore operations. Comparable as an enabling technology and equipment provider to MagIron's concentrator and pelletizing operations.
• Hatch Ltd. Global engineering and project management firm with deep mining, iron ore processing, and steel decarbonization practice. Comparable as a likely EPC and feasibility study partner for iron ore projects at the scale MagIron is developing.
• CoTec Holdings Corp. Strategic holding company and 16.5% equity holder in MagIron that specializes in investing in green mining and iron ore processing technologies. Comparable as MagIron's principal strategic investor and portfolio platform, with overlapping focus on iron ore and steel decarbonization.

Direct peers

• Algoma Steel: Canadian integrated steelmaker transitioning to EAF steelmaking and requiring DR-grade iron units. Comparable to MagIron's customer profile as an EAF steelmaker needing DR-grade pellets and pig iron, and a potential North American offtake counterparty.
• Cleveland-Cliffs: Largest flat-rolled steel producer in North America and the leading iron ore pellet producer in the US, with mining and pelletizing operations on the Mesabi Iron Range. Directly comparable to MagIron as a domestic iron ore and pellet supplier, though Cleveland-Cliffs is integrated downstream into steelmaking.

Regional players

• Olympic Steel: US flat-rolled steel processor and distributor with downstream exposure to EAF-produced steel. Comparable as a North American downstream consumer in the EAF supply chain, though not a direct competitor or customer for iron ore feedstock.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds1 record

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about MagIron