Essar Group's Mesabi Metallics will invest $18 billion to construct the largest steel plant in American history in Iowa, a project heralded by President Donald Trump. This significant undertaking aims to boost domestic manufacturing by producing 10 million tons of steel annually, sourced from the company's new high-quality iron ore mine in Minnesota. The facility will employ advanced steelmaking technology and is projected to create over 1,750 permanent jobs, with an estimated economic impact of $95 billion over its first 10 years of operation.

Essar Group's Mesabi Metallics will invest $18 billion to construct the largest steel plant in American history in Iowa, a project heralded by President Donald Trump. This significant undertaking aims to boost domestic manufacturing by producing 10 million tons of steel annually, sourced from the company's new high-quality iron ore mine in Minnesota. The facility will employ advanced steelmaking technology and is projected to create over 1,750 permanent jobs, with an estimated economic impact of $95 billion over its first 10 years of operation.

Essar Group's Mesabi Metallics will invest $18 billion to construct the largest steel plant in American history in Iowa, a project heralded by President Donald Trump. This significant undertaking aims to boost domestic manufacturing by producing 10 million tons of steel annually, sourced from the company's new high-quality iron ore mine in Minnesota. The facility will employ advanced steelmaking technology and is projected to create over 1,750 permanent jobs, with an estimated economic impact of $95 billion over its first 10 years of operation.

Indian multinational conglomerate Essar Group will invest USD 18 billion to construct what President Donald Trump described as the “largest steel plant in American history” in the state of Iowa.

Essar will make the investment through its US subsidiary, Mesabi Metallics.

Speaking to reporters at the White House on Monday, Trump said he was “thrilled to announce” the project, which he said would produce 10 million tonnes of steel annually.

“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. It’s the largest plant, one of the largest plants in the world, but it’s the largest plant in America by far,” he said.

Mesabi Metallics Chairman Rewant Ruia welcomed the administration’s focus on domestic manufacturing and thanked Trump “for bringing back the importance of building things in America.”

Once operational, the facility is slated to produce 10 million tons of steel annually, sourcing its raw material from the company’s iron ore mine in Minnesota, roughly 250 miles from the Iowa border.

Asked about the cost, the owners put the investment at roughly USD 18 billion, or about Rs 1.5 lakh crore at current exchange rates.

Trump highlighted the venture’s integrated domestic supply chain, noting that the company’s Minnesota operation is “the first new iron ore mine in the United States in more than 50 years with the highest quality ore.”

“This is a tremendous investment. And it’s going to be over the next 10 years using advanced steelmaking technology. The plant will produce some of the highest quality, most affordable steel anywhere in the world. They’re going to be making it here and using it here and also shipping it outside and do very well,” he said.

The Iowa steel plant is expected to create at least 1,750 permanent jobs, while the first phase is expected to support up to 6,000 construction jobs, Reuters reported, quoting the White House.

The first phase of the project is also expected to generate USD 95 billion in total economic impact during construction and its first 10 years of operation, according to the White House.