Washington: India’s Essar Group plans to invest $15 billion to build what US President Donald Trump described as the largest steel plant in American history, with the project expected to begin production by 2030.
Trump announced the project at the Oval Office alongside Essar Group co-founder Ravi Ruia and his son, Rewant Ruia, chairman of Essar-owned Mesabi Metallics.
“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,” Trump said.
Mesabi Metallics, a Minnesota-based company owned by Essar Group, is developing the facility, which is expected to produce around 10 million tonnes of steel annually and create up to 1,750 permanent jobs in Iowa, according to a White House official.
Mined, melted, and made right here in the U.S.A. 🇺🇸
President Trump announces Mesabi Metallics’ new mega steel plant in Iowa, generating thousands of jobs, billions of dollars, and plenty of the highest quality, most affordable steel anywhere in the world. pic.twitter.com/r15Wrl0AgW
— The White House (@WhiteHouse) September 28, 2026
The project will be supplied with iron ore from a new mine in Minnesota, where Essar has invested $2.5 billion. The mine is expected to produce about 7.5 million tonnes of iron annually and create around 350 jobs.
The mine is located in Minnesota’s Mesabi Iron Range, an 80- to 100-mile-long region that accounted for about 60 percent of total US iron ore production during the 20th century. The White House said the project would mark the first new iron mine in the US in 50 years.
Rewant Ruia said the plant would use advanced technology and compete with steel plants globally on size, quality and cost. He also thanked Trump “for bringing back the importance of building things in America.”
US Energy Secretary Chris Wright, Commerce Secretary Howard Lutnick, Export-Import Bank Chairman John Jovanovic and David Copley, senior director for Global Supply Chain, were also present at the announcement.
