Essar-backed Mesabi Metallics makes the largest single investment in a steel complex in U.S. history

President Donald J. Trump announced the company's $18 billion investment in an integrated mine-to-mill ecosystem.

WASHINGTON and MUMBAI, India, Oct. 5, 2026 /PRNewswire/ -- President Donald J. Trump announced at the White House in Washington, D.C., Essar-backed Mesabi Metallics' $18 billion investment to build a fully integrated American steel company, uniting its iron ore mine on Minnesota's Mesabi Iron Range with a new steel complex in Iowa.

The investment includes a proposed $15 billion integrated Iowa steel complex, in addition to the existing $3 billion investment in the iron ore mine and pelletizing facility in Minnesota, the first new iron ore mine built in the United States in 50 years.

Ravi Ruia, Vice Chairman & Founder, Essar Group, said: "My brother Shashi and I founded Essar many decades ago. We are a family business and above all, we are builders. We have now chosen to build our next major chapter here in America. We have the expertise of building projects like the proposed steel plant in Iowa, and we look forward to complement all the excellent knowledge that already exists within the American steel industry with our own expertise."

Rewant Ruia, Chairman, Mesabi Metallics, said: "The project writes the next chapter for our company and our family. With the new steel complex in Iowa, we will complete the fully integrated America's supply chain from mine to mill, American ore carried on American railroads to an American steel plant powered by American energy, built and operated by American workforce."

The project is expected to drive job creation in Minnesota and Iowa, fuel economic growth across the Midwest, and transform American steelmaking by establishing a fully integrated, 100% American steel supply chain, with iron ore mined, steel melted, and finished products poured in the United States.

About Mesabi Metallics Company LLC

Mesabi Metallics Company LLC, an Essar Group company, is building a new generation of American steel—connecting Minnesota iron ore with modern steelmaking in Iowa to create an integrated, all-American supply chain.

About Essar Group

Essar is a global conglomerate with over five decades of experience and investments exceeding US$30 billion. The Group operates across Energy, Infrastructure, Metals & Mining, and Technology & Retail, with approximately US$18 billion in annual revenues and more than 7,000 employees worldwide.