Mumbai, June 19: Mesabi Metallics Co. LLC has announced the appointment of Joe Broking as the President and Chief Executive Officer of the company. “Mesabi Metallics is at a new and exciting stage in its development where we are bringing in 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,” said Larry Sutherland, Chief Operating Officer, Mesabi Metallics.
“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,” he added.
“I’m pleased with the progress Mesabi Metallics is making and to have Joe join our team as it advances towards becoming a fully operational business,” said 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 startups all areas that are intensifying right now,” he added. Broking most recently served as Director, President and CEO of 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 tonnes per year and 550 employees, including 280 members of the United Steel workers. Prior to this, Broking served as Chief Financial Officer for Grand Rapids, Minnesota-based Magnetation LLC from 2012 to 2017.
While at Tacora and Magnetation, Broking 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 said.
“It will not only be the Iron Range’s first new taconite processing facility in 50 years, it will also 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,” he added.
Broking’s prior experience also includes work with several large multinational corporations, international assignments, manufacturing management as well as economic development.
Other previous positions held by him include President and CEO of Itasca Economic Development Corporation, Director of Operations at South Milwaukee-based Bucyrus International, Director of Finance at Westport, Connecticut-based Terex Corporation, and Director of Financial Accounting, among other positions, at Stockholm-Helsinki-based Stora Enso.
