India’s Essar Group plans to invest $18 billion in a major steel project in the United States, including a steel plant in Iowa and iron ore operations in Minnesota.
The Iowa facility is being developed by Mesabi Metallics, an Essar Group subsidiary. The steel plant is expected to receive an investment of around $15 billion, while the remaining investment will support the completion of the company’s iron ore operations in Minnesota.
The proposed plant is expected to produce 7.5 million tonnes of steel annually in its initial phase, with capacity potentially increasing to 10 million tonnes. The project is being positioned as a major integrated steel manufacturing facility in the US.
The Minnesota mine is expected to supply iron ore to the Iowa plant, connecting raw material production with steel manufacturing.
The project is expected to create jobs in construction and manufacturing, while strengthening the domestic steel supply chain in the US. Steel production is projected to begin in 2030.
