Twenty-seven-year industry veteran to lead company as it ramps up staffing and construction.
NASHWAUK, Minn. (June 17, 2024) – Mesabi Metallics Co. LLC today announced it has appointed Joe Broking to the position of president and chief executive officer.
“Mesabi Metallics is at a new, exciting stage in its development where we are bringing on dozens of employees, managers and leaders in human resources, corporate finance, marketing and other key, salaried positions vital for our success as we strive to become operational soon,” says Mesabi Metallics Chief Operating Officer Larry Sutherland. “I look forward to working with Joe, who brings more than 27 years of combined industry experience in the areas of executive management, operations management, human resources management, corporate finance, treasury, capital fundraising, investor relations, compliance and risk management.”
“I’m pleased with the progress Mesabi Metallics is making and to have Joe join our team as it advances toward becoming a fully operational business,” says Rakesh Kankanala, who leads North American operations for Mesabi owner Essar Group. “This move compliments Larry’s strengths and allows him to continue to focus on community relations, industrial relations, construction, operational readiness and startup—all areas that are intensifying right now.”
Broking most recently served as director, president and CEO of Toronto, Ontario, Canada-based Tacora Resources Inc. since October 2021, and as its chief financial officer from 2017 to 2021. While there, he led the transformation of the company’s Scully Mine, an iron ore concentrate producer located near Wabush, Newfoundland and Labrador, Canada, with a production capacity of 6 million tons per year and 550 employees, including 280 members of the United Steelworkers.
Prior to this, Broking served as chief financial officer for Grand Rapids, Minn.-based Magnetation LLC from 2012 to 2017. While at Tacora and Magnetation, he helped raise more than $1.5 billion in capital and implemented world-class business systems to support the build-out of five iron ore mines and a pellet plant.
“I’m excited for the opportunity to lead Mesabi Metallics as we finish construction of our $2.6 billion iron mining and taconite processing facility and build a world class and determined team,” Broking says. “It not only will be the Iron Range’s first new taconite processing facility in 50 years, it also will help meet the world’s growing demand for environmentally cleaner ‘green steel.’ We’ll do this first by producing direct reduction iron pellets, which will infuse hundreds of millions of dollars into local and state economies and generate 350 full-time and 700 indirect jobs. We’ll then produce direct reduced iron and green steel, right here in Minnesota, bringing value-added processing to the Iron Range, and hundreds more United Steelworker jobs.”
Broking’s prior experience also includes work with several large multi-national corporations, international assignments, manufacturing management as well as economic development. Other previous positions held include president and CEO of the Itasca Economic Development Corporation, director of operations at South Milwaukee-based Bucyrus International, director of finance at Westport, Ct.-based Terex Corporation, and director of financial accounting, among other positions, at Stockholm, Sweden/Helsinki-Finland-based Stora Enso.
For more information, contact: Ben DeNucci, (218) 348-0592
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