Canadian iron ore producer Champion Iron Limited has announced that it has successfully completed the acquisition of Norwegian high-purity iron ore producer Rana Gruber ASA.
This transaction follows the December 2025 announcement of the deal, as SteelOrbis previously reported, which received strong support from Rana Gruber’s board, management, and shareholders holding approximately 51 percent of shares.
Rana Gruber operates an underground mine and open pits near Mo i Rana, producing over 1.8 million mt of high-purity iron ore in 2025. It recently upgraded output toward 65 percent Fe concentrate and also supplies magnetite specialty products.
Strategic benefits
The acquisition delivers a long-life asset in a stable jurisdiction with access to renewable electricity, giving the combined company one of the industry’s lowest carbon emission intensities per tonne of iron ore concentrate. It expands Champion’s portfolio with additional high-purity hematite concentrates and magnetite products used in the chemical industry, which often command premiums to the Platts IODEX 65 percent Fe CFR China benchmark. Proximity to European customers complements Bloom Lake’s output and creates opportunities for sales, logistics, and product blending synergies, further diversifying revenue beyond Asia. The deal is expected to be near-term accretive to revenue, EBITDA, and operating cash flow per share while maintaining financial leverage near pre-transaction levels. Both companies share a strong alignment on supplying the green steel supply chain through high-purity, low-carbon feedstocks essential for lower-emission DRI-EAF steelmaking.
Champion CEO David Cataford highlighted the milestone: “The closing of this transaction marks a defining milestone for Champion. Combining our businesses strengthens our leadership as a sustainable supplier of high-purity iron ore produced with a low-carbon footprint... Rana Gruber’s proximity to European customers complements Bloom Lake’s high-purity products and its Direct Reduction Pellet Feed project.”
Rana Gruber CEO Gunnar Moe added: “This transaction brings together complementary assets and a shared vision to strengthen our leadership position in the iron ore market.”
Transaction financing and next steps
The approximately US$300 million purchase price (including fees) was funded through cash on hand, a US$100 million equity private placement with long-term partner Caisse de dépôt et placement du Québec (La Caisse), and a new US$150 million secured term loan led by the Bank of Nova Scotia and syndicated with other leading Canadian and international banks. Champion also refinanced its syndicated credit facility effective April 1, 2026, extending its maturity.
With the acquisition now closed, Champion will focus on smooth integration with the Rana Gruber team, maximizing synergies while minimizing any impact on employees and the Mo i Rana community. The combined platform significantly strengthens Champion’s position as a diversified, low-carbon, high-purity iron ore producer and positions it to capture growing demand for premium products in the global green steel transition.