States » West » BYEPosted at: Sep 29 2026 2:04PM


Essar-backed Mesabi Metallic to invest USD 18 bln in US integrated steel complex

Mumbai, Sep 29 (UNI) Essar-backed Mesabi Metallics plans to invest $18 billion to build a fully integrated US steel business, linking its iron ore mine in Minnesota with a new steel complex in Iowa, the company said.
US President Donald Trump announced the investment at the White House in Washington, as per a press note issued from Mumbai office. The project includes a proposed $15 billion integrated steel complex in Iowa and about $3 billion already invested in an iron ore mine and pelletizing facility in Minnesota.
Mesabi Metallics said the project would be the largest single-location investment in an integrated steel complex in US history.
According to the press note, the announcement was made in the presence of Ravi Ruia, Vice Chairman & Founder, Essar Group, and Rewant Ruia, Chairman, Mesabi Metallics. US Commerce Secretary Howard Lutnick, Energy Secretary Chris Wright and John Jovanovic, Chairman of the US Export-Import Bank, were also present at the White House event, alongside Iowa Governor Kim Reynolds, Senator Joni Ernst, and Representatives Mariannette Miller-Meeks and Ashley Hinson, members of Iowa's congressional delegation.
The investment includes a proposed USD 15 billion integrated Iowa steel complex, in addition to the existing USD 3 billion investment in the iron ore mine and pelletizing facility in Minnesota.
Mesabi Metallics' iron ore mine on Minnesota's Mesabi Iron Range is the first new iron ore mine built in the United States in 50 years, with nearly USD 3 billion invested to date. Located in Nashwauk, Minnesota, the mine will produce Patriot Pellet, the company's direct-reduction-grade (DR-grade) iron ore pellet. More than 1,500 construction workers are currently on site, alongside more than 200 full-time employees already working at the mine, with employment expected to reach 350 full-time jobs once fully operational.
In Iowa, the company will create more than 8,000 jobs during construction and at least 1,750 full-time jobs once operational. During construction and first 10 years of full operations, the investment will produce USD 95 billion in total economic output, the press note said.
The Iowa complex will utilize hot direct-reduced iron (DRI) and electric arc furnace (EAF) technology to significantly lower energy usage and reduce emissions and produce 100% American steel - mined, melted and poured.
Quoting Ravi Ruia, Vice Chairman & Founder, Essar Group, the press note said, "This investment marks a new chapter in Essar's global journey and carries forward the vision of my brother, Shashi Ruia, to build world-class businesses with a global footprint. With over three decades of experience across the steel value chain, Essar is proud to bring that expertise to this landmark investment. It also reflects Prime Minister Narendra Modi's vision for a stronger India-U.S. economic partnership, and our commitment to contributing to that vision through long-term investment, industrial growth and job creation."
Quoting Rewant Ruia, Chairman, Mesabi Metallics, the note said, "This is a defining moment for American steel and a transformative milestone for Mesabi Metallics. We are building a fully integrated steel business from the ground up, connecting Minnesota's world-class iron ore resources with steelmaking in Iowa to produce 100% American steel. This investment will create thousands of jobs, strengthen domestic steelmaking capacity and establish Mesabi Metallics as a major force in America's steel industry."
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