US-based sustainable infrastructure investment firm Generate Capital has announced that it will provide a $200 million loan to US-based rebar producer Pacific Steel Group for its mini mill project in Mojave, California. With an initial investment of nearly $350 million, the mill is expected to begin operations in late 2026 with roughly 400 workers and an annual production capacity of 380,000 mt.
The mini mill in question will convert locally sourced steel scrap into high-quality, custom-length steel rebar, a critical material for construction. The project eliminates the need for the roundtrip hauling of scrap and finished steel in and out of California, providing a transportation cost advantage and carbon emissions savings, according to the press release by Generate Capital.