Indian multinational conglomerate Essar Group will invest $18 billion to construct what US President Donald Trump described as the largest steel plant in American history, in the state of Iowa. Essar will make the investment through its US subsidiary, Mesabi Metallics.
Speaking to reporters at the White House, Trump said the facility would produce 10 million tonnes of steel annually, calling it one of the largest plants in the world and by far the largest in America. Mesabi Metallics Chairman Rewant Ruia welcomed the administration’s focus on domestic manufacturing, thanking Trump for prioritising American manufacturing.
Once operational, the facility will source raw material from the company’s iron ore mine in Minnesota, located roughly 250 miles from the Iowa border — described as the first new iron ore mine in the United States in more than 50 years. The investment is valued at approximately $18 billion, or about Rs 1.5 lakh crore at current exchange rates.
The Iowa steel plant is projected to create at least 1,750 permanent jobs and up to 6,000 construction jobs during its first phase, which is also expected to generate $95 billion in total economic impact during construction and its first 10 years of operation, according to the White House. Trump said the project would span approximately 10 years and use advanced steelmaking technology to produce some of the highest quality, most affordable steel in the world.
