Chief Executive Officer and Chairman of the Board of Managers
Larry Lehtinen founded the Company and is the Chief Executive Officer and Chairman of the Board of Managers. Previously, he became the Chief Executive Officer and Chairman of Mag Inc. in 2008 and became the Chief Executive Officer and Chairman of MagLLC in 2011. In his role at Mag Inc., he led the marketing, financing, permitting, procurement and construction of MagLLC’s Plant 1 and has more than 40 years of experience in the areas of plant engineering, mineralogy, mining, plant optimization, direct iron reduction, project development, finance, marketing and executive management. Mr. Lehtinen has 30 years of experience working in pellet plants in various engineering, operations, maintenance and leadership roles. In particular, Mr. Lehtinen had responsibility for the Wabush assets in 1996 when he was the Vice President of Operations for Cliffs Natural Resources Inc. Mr. Lehtinen is a technology pioneer having authored over twenty patent applications. He built, founded and/or led the following: the first flux pellet project in North America at the Minorca Mine on the Mesabi Range; the first rotary hearth furnace (RHF) reduced iron project in North America, known as Iron Dynamics; the first RHF-based iron reduction and slag iron separation project in the world, known as Mesabi Nugget ITmk3®; and one of the first companies to focus its operations on recovery of iron waste tailings, Mag Inc. In addition to Mr. Lehtinen, Matt Lehtinen (President and COO) and other key retained managers were closely involved in the development and ongoing management of MagLLC and the invention of all of our licensed proprietary technology.
President and Chief Operating Officer
Matt Lehtinen joined the Company in June of 2015 and is the son of Larry Lehtinen. Previously, he held the position of President and Chief Operating Officer and served on the Board of Directors of both Mag Inc. and MagLLC since 2011 and 2012 respectively. Mr. Lehtinen has over 14 years of combined experience in the areas of mineral processing, process control, operations, technical sales, marketing and corporate finance with an emphasis on capital fundraising. While in his position as President and Chief Operating Officer of both Mag Inc. and MagLLC, Mr. Lehtinen helped drive the growth and development of those companies from pilot scale to approximately $1.0 billion in assets and over 500 employees. Mr. Lehtinen managed the design and construction of two iron ore mines and one iron ore pellet plant, achieving world-class safety, capex and schedule performance and also recruited and built a world class organization including key operations, environmental, human resource, safety and finance leaders.
Mr. Lehtinen’s prior experiences include work as Chief Financial Officer of Mag Inc., Vice President, Marketing and Business Development at Mag Inc., Automation Sales Manager at Felins USA, Inc., Process Control Engineer of the Mesabi Nugget Pilot Plant and as an Automation Sales Engineer, Rockwell Automation. Mr. Lehtinen has a Master’s in Business Administration from Marquette University and Bachelors in Electrical and Computer Engineering from Purdue University with minors in Business and Spanish.
Chief Financial Officer and Member of the Board of Managers
Joe Broking joined the Company in June of 2015. Previously, he held the position of Chief Financial Officer and served on the Board of Directors of both Mag Inc. and MagLLC since 2012. Mr. Broking has over 20 years of combined experience in the areas of corporate finance, treasury, capital fundraising, investor relations, compliance, risk management, accounting, audit, operations management, human resources management and information technology management. While in his position as Chief Financial Officer of both Mag Inc. and MagLLC, Mr. Broking helped raise over $600.0 million in capital and helped build from the ground up an efficient company capable of meeting the rigorous SEC reporting requirements related to complying with all aspects of publically traded corporate bonds and capable of effectively investing $1.0 billion to build 4 plants in the United States.
Mr. Broking’s diverse background includes experience with several large multi-national corporations, international assignments, manufacturing management as well as economic development. Prior to Mag Inc. and MagLLC, Mr. Broking has served as President and CEO, Itasca Economic Development Corporation; Director of Operations, Bucyrus, a publicly held company mining only equipment manufacturer that was acquired by Caterpillar; Director of Finance, Terex, a publicly held equipment manufacturer; and Director of Financial Accounting, among other positions, StoraEnso, a publicly held paper and board manufacturer.