From Minnesota ore to Iowa steel: Essar’s massive new US investment
US President Donald Trump announced on Monday that Indian conglomerate Essar Group, through its US subsidiary Mesabi Metallics, will invest up to USD 18 billion to build what he called the largest steel plant in American history, in the state of Iowa.
Trump made the announcement at the White House with Essar Group co-founder Ravi Ruia and his son Rewant Ruia by his side. “Today, we’re thrilled to announce that Mesabi Metallics will be building the largest steel plant in American history in the great state of Iowa. It is the largest plant, one of the largest plants in the world, but it is the largest plant in America by far,” Trump told reporters.
Investment figures vary across reports
Different accounts of the announcement have cited slightly varying investment figures — ranging from USD 15 billion to USD 18 billion — with some reports describing the overall project value as approaching USD 18 billion once the full supply chain is included. The project is expected to create around 1,750 permanent jobs and to boost manufacturing production by 2030.
A mine-to-mill supply chain
The project will link a new iron ore mine in Minnesota to the steel plant in Iowa, creating what Rewant Ruia, chairman of Mesabi Metallics, described as a supply chain running from an American mine to an American steel plant. “This plant will use the latest technology and will compete head-to-head with any steel plant in the world on size, quality and on cost,” he said, thanking Trump “for bringing back the importance of building things in America.” The plant is expected to supply steel to both US customers and international markets.
Essar’s track record
Essar Group, founded five decades ago by brothers Shashi and Ravi Ruia, operates India’s largest single-location steel facility, a 10-million-tonne plant in Hazira, Gujarat, as well as the country’s second-largest single-location oil refinery, in Vadinar. The group has also been developing a low-carbon steel plant project in Saudi Arabia. Mesabi Metallics, a Minnesota-based company, serves as Essar’s arm for the US project.
Part of a broader manufacturing push
Trump linked the investment to his administration’s broader effort to boost domestic steel production, arguing that companies now have a stronger incentive to manufacture inside the US rather than import from abroad. The announcement follows a string of steel-sector moves under the Trump administration, including tariffs on imported steel and aluminium and the finalised partnership between US Steel and Nippon Steel earlier this year.
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