Made in America, owned by India: Essar's $15 billion Trump-era steel bet
Indian conglomerate Essar Group plans to invest $18 billion in the construction of the largest steel plant in American history, according to US President Donald Trump. The project, to be built by Mesabi Metallics, a subsidiary of Essar Group, in Iowa, is expected to produce 10 million tonnes of steel annually once operational, with construction beginning in 2030 and initial production targeting that year.
The Iowa plant will be part of an integrated supply chain with an iron ore mine in Minnesota's Mesabi Iron Range, developed by Mesabi Metallics at an estimated cost of $2.5 billion. The company has created about 350 jobs in the mine and aims to use advanced technology to compete with steel plants worldwide in size, quality, and cost.
Trump emphasized the domestic nature of the operation, highlighting it as the first new iron ore mine in the United States in over 50 years.
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- India's Essar Group to invest $18 billion in 'largest' US steel plant, Trump announces timesofindia.indiatimes.com
