Essar Group to build largest steel plant in US history with $18 billion investment
US President Donald Trump said the Indian group will build the plant through its American subsidiary Mesabi Metallics, using iron from Minnesota and a new complex in Iowa.
India's Essar Group has won a major project in the United States. Announcing it from the Oval Office at the White House on Monday, US President Donald Trump said the group would build the largest steel plant in American history through its US subsidiary, Mesabi Metallics. He said the investment would give a boost to the American manufacturing sector.
According to Trump, Essar Group is investing a total of $18 billion in the plant. He said it would produce about 10 million tonnes of steel a year. Iron ore will be extracted from mines in Minnesota and processed at the new steel complex being built in Iowa to make high-quality steel. The raw material will be American and the plant will also be in the US, which will keep the supply chain secure without any tariffs, he said.
Mesabi Metallics chairman Revant Ruia said in Washington DC: "Thank you to US President Donald Trump for bringing back the importance of making things in America... With the new steel complex in Iowa, we will complete a fully integrated American supply chain, from the mine..."
Work on the project is progressing fast, and the aim is to make it ready for commercial production by 2030. In its first 10 years of successful operation, the project will contribute a total of $95 billion to the American economy, about Rs 8 lakh crore. Its initial annual capacity will be 7.5 million tonnes. Over the next few years, it is likely to be raised to 10 million tonnes a year using modern digital and automation technology.
