Trump announces USD 15 billion Essar steel plant in Iowa, calls it largest in US history
US President Donald Trump on Monday announced that Indian conglomerate Essar Group will invest USD 15 billion to build the largest steel plant in American history in Iowa.
Trump made the announcement at the Oval Office in the presence of Essar Group co-founder Ravi Ruia and his son Rewant Ruia.
“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.
Rewant Ruia, chairman of Essar Group's Mesabi Metallics, thanked Trump “for bringing back the importance of building things in America.”
Mesabi Metallics, a Minnesota-based company owned by Essar Group, is developing the steel plant and plans to begin production by 2030, a White House official said.
The facility is expected to produce 10 million tonnes of steel annually and generate up to 1,750 permanent jobs in Iowa, according to the official.
The plant will be supplied with iron ore from a new mine in Minnesota, which Essar Group has invested USD 2.5 billion to develop. The mine is expected to produce around 7.5 million tonnes of iron annually and create about 350 jobs.
The White House official said the project would mark the first new iron mine in the US in 50 years.
The mine is located in Minnesota's Mesabi Iron Range, which extends between 80 and 100 miles and accounted for around 60 per cent of total US iron ore production during the 20th century.
Energy Secretary Chris Wright, Commerce Secretary Howard Lutnick, Export-Import Bank chair John Jovanovic and David Copley, senior director for Global Supply Chain, were among those present at the announcement.
“This plant will use the latest technology and will compete head-to-head with any steel plant in the world on size, quality and on cost,” Rewant Ruia said. (with inputs from PTI)
