Trump Announces Essar Group’s $15 Billion Iowa Steel Plant, Calls It ‘Largest In American History’

US President Donald Trump on Monday announced India-based Essar Group’s plans to invest $15 billion in building a massive steel plant in Iowa, calling it the largest steel plant in American history.

Trump made the announcement at the Oval Office alongside Essar Group co-founder Ravi Ruia and his son, Rewant Ruia, who is chairman of Mesabi Metallics, the US-based mining and resource development company behind the project.

“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.

Although Mesabi Metallics is based in the US, the company is owned by Essar Group.

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 the officials present at the White House announcement.

What Rewant Ruia Said

Rewant Ruia thanked Trump “for bringing back the importance of building things in America.”

“While I was born in India, I went to high school in New York, college in Boston and did my MBA in California. I have spent half my life here, so announcing this investment today is… a true homecoming for me,” Ruia said at the Oval Office event.

Essar Group’s US Investment Plans

A White House official said Mesabi Metallics plans to begin production at the Iowa plant by 2030. The facility is expected to produce 10 million tonnes of steel annually and create up to 1,750 permanent jobs in Iowa.

The plant will use iron ore from a new mine in Nashwauk, Minnesota, where the company has invested $2.5 billion. The mine is expected to produce about 7.5 million tonnes of iron annually and create around 350 jobs, according to the White House official.

The official said the mine would be the first new iron mine in the US in 50 years. Ruia also cited the 50-year figure during the Oval Office announcement.

The mine is located in Minnesota’s Mesabi Iron Range, which stretches roughly 80 to 100 miles and accounted for about 60% of total US iron ore production during the 20th century.

“This plant will use the latest technology and will compete head-to-head with any steel plant in the world on size, quality and cost,” Ruia said.