North American Iron Announces Project Advancement with Confirmation of Follow-Up Financing
MINOT, N.D., July 07, 2026 (GLOBE NEWSWIRE) -- North American Iron Inc. (“NAI”), together with its parent company Scranton Holding Company (“SHC”) and affiliated company Calumet Reclamation Company (“CRC”), collectives referred to as the ‘Company’, today announced the successful completion of additional follow-on financing which closed June 28th, 2026. The follow-up financing advances North American Iron’s innovative iron ore reclamation and pig iron manufacturing project in the United States.
The financing strengthens the Company’s ability to move forward with its fully integrated model to reclaim existing iron ore stockpiles in Minnesota and convert them into pig iron in North Dakota, supporting domestic steel production.
This project represents a differentiated approach to resource development, combining environmental remediation, domestic supply chain resilience, and industrial revitalization at a time of increasing focus on securing critical mineral inputs within the United States.
Advancing a New Model for Iron Production
NAI’s model is built on reclaiming legacy iron ore materials from previously mined sites, significantly reducing environmental impact and risks compared to traditional mining operations. The reclaimed ore will be processed in Minnesota and transported to North Dakota via end to end connected rail, where it will be manufactured into pig iron, a key input for steelmaking.
By leveraging existing materials and infrastructure, the project:
- Benefits from legacy iron ore stockpiles and tailings
- Reclaims acres of land for future repurposing while contributing to state taxes, significantly contributing to the Minnesota Permanent School Trust and MN economy
- Creates the first domestic pig iron production facility to reshore critical domestic industrial supply chains
- Strengthens and improves U.S. steel production capacity, with high-purity, domestic product
Strengthening U.S. Supply Chains
The project aligns with broader American priorities around critical minerals and strategic materials, economic security, and domestic manufacturing capacity, particularly as demand for steel continues to grow across defense, infrastructure, energy, and industrial sectors.
“This financing represents another important milestone in advancing a project that is both economically and environmentally significant, for Minnesota, North Dakota and the United States,” said Jim Bougalis, Founder & CEO. “We are creating a new pathway for pig iron production in the United States, one that reclaims land, creates American jobs, delivers meaningful economic impact, and strengthen and secures domestic supply chains while supporting American manufacturing and national security.”
For more information, visit: www.na-iron.com
On behalf of North American Iron:
Jim Bougalis
Founder & CEO
Media Contact
Donna Johnson
Administrative Director
Djohnson@na-iron.com
ABOUT THE ‘COMPANY’
North American Iron (NAI) is advancing a pig iron production facility in Minot, North Dakota, converting iron concentrate from CRC into approximately 2 million metric tonnes of high-purity pig iron annually for U.S. steelmakers. The project establishes the first large-scale domestic merchant pig iron production capacity in the United States, replacing a supply that is currently 100% imported from sources and is essential to electric arc furnace steelmaking.
NAI is focused on producing high-purity and nodular iron feedstock that meets the chemistry and consistency requirements of higher-grade steel applications, creating a reliable domestic input. This level of quality is required for advanced steel used in naval vessels, submarines, armored vehicles, and weapons systems, as well as transportation, energy infrastructure, and manufacturing where performance is critical. Today, the U.S. remains dependent on imported merchant pig iron, largely sourced from Brazil and Ukraine, creating exposure in the current geopolitical climate.
With engineering and design advancing and permitting anticipated to be completed in Q3–Q4 2026, the facility is positioned within a 2,400-acre site in North Dakota’s industry-supportive, clean manufacturing corridor to support long-term production and expansion. The project is expected to create approximately 650 jobs, along with additional power and rail employment, and generate over $1 billion in economic impact for N.D and the U.S. The facility delivers a consistent, high-purity feedstock critical to American steel production, strengthening domestic supply chains, reducing reliance on imports, and reinforcing U.S. industrial capacity across infrastructure, energy, and defense. For more information, visit: www.na-iron.com.
Calumet Reclamation Company (CRC) aims to reclaim the former Hill Annex Mine site by recovering iron from legacy stockpiles and tailings left from past operations, operating within an established footprint and existing infrastructure. The site was active from 1913 to 1978, during a period when iron ore from the Mesabi Range was critical to U.S. industrial output and national defense, supplying the steel used across both World Wars.
Today, the U.S. once again requires this resource. With engineering and permitting well advanced, the project is positioned to move forward as a long-term operation producing approximately 4 million tons of concentrate annually. CRC is expected to create approximately 150 direct jobs and support broader economic activity across the Iron Range, while generating significant tax and royalty revenues, including contributions to the MN State’s Permanent School Trust. The project brings a historic iron-producing site back into active use, supporting modern supply chains, strengthening national security priorities, and leaving a positive legacy in reclamation and community contribution. Processed material will be shipped via established rail from Minnesota to North Dakota for further processing at the North American Iron pig iron production facility in Minot, North Dakota. For more information, visit: www.calumetreclamation.com.
Scranton Holding Company is the parent organization of North American Iron Inc. and Calumet Reclamation Company, focused on developing innovative solutions in resource recovery, industrial production, and critical minerals.
DISCLAIMER
Cautionary Note about Forward-looking Statements and Information
Certain of the statements made and information provided in this presentation are forward-looking statements or forward-looking information within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. Forward-looking statements or information are by their nature based on assumptions, that management considers reasonable. However, such assumptions involve both known and unknown risks, uncertainties and other factors which, if proven to be inaccurate, may cause actual results, activities, performance or achievements may be materially different from those described in the forward-looking statements or information. These include assumptions concerning: timing, cost and results of our construction and development activities, improvements and exploration; the future price of gold and other commodities; exchange rates; anticipated values, costs, expenses and working capital requirements; production and metallurgical recoveries; mineral reserves and resources; our ability to unlock the potential of our brownfield property portfolio; our ability to address the negative impacts of climate change and adverse weather; consistency of agglomeration and our ability to optimize it in the future; the cost of, and extent to which we use, essential consumables (including fuel, explosives, cement, and cyanide); the impact and effectiveness of productivity initiatives; the time and cost necessary for anticipated overhauls of equipment; expected by-product grades; the use, and impact or effectiveness, of growth capital; the impact of acquisitions, dispositions, suspensions or delays on our business; the sustaining capital required for various projects; and the geopolitical, economic, permitting and legal climate that we operate in. Forward-looking statements or information is subject to known and unknown risks, uncertainties and other important factors that may cause actual results, activities, performance or achievements to be materially different from those described in the forward-looking statements or information. The inclusion of forward-looking statements and information is designed to help you understand management’s current views of our near- and longer-term prospects, and it may not be appropriate for other purposes. There can be no assurance that forward-looking statements or information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, you should not place undue reliance on the forward-looking statements or information contained herein. All opinions expressed herein are of Scranton Holding Company, North American Iron LLC and Calumet Reclamation Company and should not be relied upon as fact.
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