MagIron

About MagIron

MagIron LLC, founded in 2021 by Larry Lehtinen, is strategically positioned to support the decarbonization of the North American steel industry. Mr. Lehtinen, who serves as the CEO, brings extensive experience from his previous venture, Magnetation Inc., which also focused on extracting iron ore from mining waste. His background in mineral engineering and steelmaking directly informs MagIron's core business.

The company's business model centers on the acquisition and revitalization of a past-producing iron ore concentrator, known as Plant 4, located on Minnesota's Mesabi Iron Range. MagIron's process involves converting previously discarded waste materials and low-grade stockpiles from historical mining operations into high-grade, low-impurity iron ore concentrate. This approach recycles waste, avoids traditional mining, and aims to lower greenhouse gas emissions per iron unit produced. Revenue will be generated through the sale of this high-quality feedstock to the steel industry, with a particular focus on serving the growing Electric Arc Furnace (EAF) market, which requires materials that enable cleaner steel production.

MagIron's primary product is a high-grade Direct Reduction (DR) iron ore concentrate, a critical input for producing green steel. The company has secured mineral leases and controls over a billion tonnes of iron-bearing materials, sufficient for a multi-decade business plan. Laboratory and pilot plant tests have successfully produced DR-grade pellets and demonstrated high recovery rates, confirming the technical viability of their proprietary process. The company is restarting and upgrading Plant 4, which benefits from over $170 million in prior investment and is designed to produce approximately 2.5 to 3.0 million tonnes per annum. By supplying a high-quality, domestically sourced iron product, MagIron addresses a supply shortage for EAFs and supports the on-shoring of a critical industrial supply chain.