India's Essar to build America's largest steel plant
What's the story
India's Essar Group has announced plans to invest $18 billion in the United States, including a $15 billion steel plant in Iowa. The announcement was made by US President Donald Trump during an Oval Office event with members of the Ruia family, owners of the conglomerate. The facility will be developed by Essar's US subsidiary Mesabi Metallics as part of an integrated steel supply chain.
Production timeline
Iowa steel plant is expected to start production by 2030
The Iowa steel plant is expected to start production by 2030, with an annual output of 10 million tons of steel once fully operational.
The White House confirmed that the entire steel production process would take place in the US.
Trump touted this investment as a major economic win for Iowa, a key battleground state where Republicans are facing tough midterm elections.
Employment opportunities
Plant to create nearly 2,000 permanent jobs
The construction of the steel plant is expected to create up to 6,000 jobs. Once operational, it will provide nearly 2,000 permanent manufacturing and mining jobs.
Rewant Ruia, chairman of Mesabi Metallics, said his family would invest around $3 billion in a new Minnesota iron ore mine for this project.
This mine will be the first new iron ore mine in the US in over 50 years.
Business expansion
Essar's global presence and operations
Founded by brothers Shashi and Ravi Ruia in 1969, Essar Group has diversified interests across sectors like steel, energy, infrastructure, technology, and retail.
In India, the group operates the country's largest single-location steel plant in Hazira (Gujarat) and the second-largest single-location refinery in Vadinar.
Globally, it owns Shell's Stanlow refinery in the UK and is planning a low-carbon steel plant in Saudi Arabia.