CORPORATE
Essar Group re-enters steel after seven years with a $15-billion US plant
- IBJ Bureau
- Sep 30, 2026
US President Donald Trump announced on Monday that the Essar Group would build a $15-billion steel plant in Iowa, describing it as the “largest steel plant” in American history.
Mr Trump made the announcement at the Oval Office alongside Essar Group Co-Founder Ravi Ruia and his son Rewant Ruia, the chairman of the group’s US-based subsidiary 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,” Mr Trump said.
The US plant marks the Essar Group’s re-entry into the steel sector, seven years after it had officially exited its flagship Essar Steel India business in December 2019.
ArcelorMittal and Nippon Steel had then acquired debt-ridden Essar Steel for Rs 42,000 crore through the Insolvency and Bankruptcy Code’s resolution process.
Mesabi Metallics, a Minnesota-based company owned by the Essar Group, is expected to begin production at the plant in 2030.
The facility is projected to produce about 10 million tonnes of steel annually and create up to 1,750 permanent jobs in Iowa, according to the White House.
The project will be supplied with iron ore from a new $2.5-billion mine developed by Mesabi Metallics in Minnesota’s Mesabi Iron Range.
The mine is expected to produce around 7.5 million tonnes of iron ore annually and create about 350 jobs.
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