Indian conglomerate announces $18 billion US investment as Trump hails major boost for domestic manufacturing
Sumana Adak, UK
(Asian independent) India’s Essar Group will invest $18 billion in the United States, including a $15 billion steel manufacturing complex in Iowa that President Donald Trump says will be the largest steel plant in American history. The project, announced at the White House, will be developed by Mesabi Metallics, Essar’s US subsidiary. Iron ore will be supplied from the company’s mining operations in Minnesota, creating an integrated domestic steel supply chain. “Mesabi Metallics will be building the largest steel plant in American history in the great state of Iowa,” Trump said during the announcement, describing the facility as one of the largest steel plants in the world.
The plant is expected to start operations in 2030 and produce up to 10 million tonnes of steel annually once fully operational. The White House said the entire production process, from raw materials to finished steel, will take place within the United States. Trump linked the investment to his administration’s efforts to revive American manufacturing, arguing that tariffs on imported steel have encouraged companies to build facilities in the US.
The announcement marks one of the largest overseas investments by an Indian company and represents a major expansion of Essar’s international operations. Founded in 1969 by brothers Shashi Ruia and Ravi Ruia, Essar has interests in steel, energy, mining, infrastructure and technology. Its global portfolio includes India’s largest single-location steel plant in Hazira, Gujarat, the Stanlow refinery in the UK, and a low-carbon steel project under development in Saudi Arabia.
Mesabi Metallics has operated in Minnesota since 2007 and controls more than 1.4 billion tonnes of iron ore resources, providing a substantial raw-material base for the proposed Iowa project. Mesabi Metallics Chairman Rewant Ruia welcomed the investment, while Chief Executive Officer Joe Broking described it as a “major moment for US-made steel.” The company said the facility will supply steel for key sectors including defence, automotive manufacturing, shipbuilding, energy and infrastructure.
Industry analysts say the project highlights growing Indian investment in the United States and reflects increasing efforts by manufacturers to strengthen domestic supply chains amid global economic uncertainty. If completed as planned, the Iowa facility will become the largest steel plant ever built in the United States and one of the most ambitious overseas investments undertaken by an Indian company.
