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Essar Group re-enters steel after seven years with a $15-billion US plant. Corporate. US President Donald Trump announced on Monday that the Essar Group would build a $15-billion steel plant in Iowa, describing it as the "largest steel plant" in American history. Mr Trump made the announcement at the Oval Office alongside Essar Group Co-Founder Ravi Ruia and his son Rewant Ruia, the chairman of the group's US-based subsidiary Mesabi Metallics. "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," Mr Trump said. The US plant marks the Essar Group's re-entry into the steel sector, seven years after it had officially exited its flagship Essar Steel India business in December 2019. ArcelorMittal and Nippon Steel had then acquired debt-ridden Essar Steel for Rs 42,000 crore through the Insolvency and Bankruptcy Code's resolution process. Mesabi Metallics, a Minnesota-based company owned by the Essar Group, is expected to begin production at the plant in 2030. The facility is projected to produce about 10 million tonnes of steel annually and create up to 1,750 permanent jobs in Iowa, according to the White House. The project will be supplied with iron ore from a new $2.5-billion mine developed by Mesabi Metallics in Minnesota's Mesabi Iron Range. The mine is expected to produce around 7.5 million tonnes of iron ore annually and create about 350 jobs. eMAGAZINE more. Follow US. IBJ CHATBOX More. Ibj top institute - mgm global. * Sep 30, 2026 * Sep 29, 2026 * Sep 28, 2026 * Sep 27, 2026 * Sep 26, 2026

President Trump announced a $15 billion steel plant project in Iowa with Mesabi Metallics, which will eventually produce up to 10 million tonnes of steel annually. Once completed, it would become the largest steel production facility in the US. Kevin Dempsey, CEO of the American Iron and Steel Institute, said tariff protections are giving companies confidence to invest private capital in new American steel mills. Federal tariffs helped reduce foreign steel imports from 44 million tonnes in 2014 to 25 million tonnes last year. The project will use iron ore from the company's recently opened Minnesota mine. Dempsey noted the US moved up to become the world's third-largest steel producer last year, surpassing Japan.

Oil Prices Reverse Gains as Gulf Crude Exports Recover - commodities roundup. Published on 09/29/2026 at 12:23 pm EDT MARKET MOVEMENTS: -Brent crude oil is down 1.6% at $103.66 a barrel. -European benchmark gas is down 1% at 68 euros a megawatt-hour. -Copper futures are down 0.3% at $14,430 a metric ton. -Gold futures are up 0.5% at $4,187.70 a troy ounce. TOP STORY: Oil Prices Reverse Gains as Gulf Crude Exports Recover Oil prices reversed gains from earlier Tuesday as investors weighed signs of recovering crude supplies from major Middle Eastern producers against uncertainty around U.S.-Iran ceasefire efforts. Front-month November Brent crude futures fell 1.8% to $103.43 a barrel, while the December contract declined 1.8% to $96.11. The November Brent contract expires Tuesday, with December set to become the front-month contract. West Texas Intermediate fell 2.2% to $90.61 a barrel. Shell to Double Production Capacity at LNG Canada British energy major Shell said it would double production capacity at its LNG Canada facility in British Columbia as it bets on growing gas demand in Asia. Shell said Tuesday that it would build two additional liquefaction plants to double production capacity to 28 million metric tons a year. Pentagon Joins $134 Million Raise for Startup to Make U.S. Iron for Rare-Earth Magnets Hertha Metals, a steel startup planning to produce high-purity iron for U.S.-made rare-earth magnets-essential to F-35 jet fighters and missile-guidance systems-has closed a $133.65 million Series A round that includes a $65 million equity investment from the U.S. government, its chief executive officer said. The financing comes amid the Trump administration's multibillion-dollar campaign to loosen China's stranglehold on minerals vital to U.S. defense and advanced technologies, which has included ramping up support for domestic rare-earths and magnet projects. Mesabi Metallics Plans to Build $15 Billion Steel Mill in Iowa President Trump and executives from Mesabi Metallics unveiled a plan to build a $15 billion steel mill in Iowa, the WSJ's Bob Tita and Alex Leary write. Mesabi, a part of Indian conglomerate Essar Group, recently opened the first iron-ore mine in Minnesota in 50 years. Steelmaking at the Iowa plant could begin in 2030, according to a White House official, who said it could support more than 1,700 jobs. MARKET TALKS: Grains Drop as Fresh News Dries Up - Market Talk 1134 ET - CBOT grain futures are mixed, with corn and wheat turning lower after starting the day higher. A lack of substantive deliverables from last week's U.S.-China summit appears to be keeping a lid on grain futures. "There isn't much happening, which is to say, we are not feeding any bulls this morning," says Charlie Sernatinger of Marex in a note. The next big potential source of news may come from Wednesday's quarterly stocks report from the USDA, which analysts think could be a surprise mover of futures this week. CBOT corn is down 0.4%, soybeans are up 0.6%, and wheat falls 0.4%. ([email protected]) Cattle Extends Consolidation Period - Market Talk 1005 ET - Live cattle futures continue to head lower, extending what livestock traders say is a consolidation period for the CME contract. The most-active contract is down 0.1% early in trading. "Live cattle and feeder cattle futures have been in a consolidation pattern for nearly a week," says Naomi Blohm of Total Farm Marketing in a note. Also notable is the detection of New World screwworm in Brewster County, Texas, the first detection of the disease via a fly caught in a flytrap since the disease was first detected in the U.S. in June. Lean hog futures are up 0.5%. ([email protected]) Crude Oil Lower As Saudi Arabia Resumes Red Sea Oil Exports - Market Talk 0926 ET - The restart of the East-West pipeline in Saudi Arabia and the resumption of Red Sea oil exports has crude oil futures down 2% to $90.74 a barrel. This and oil tanker movement seen on the Strait of Hormuz are weighing on crude, although sentiment that any major developments in the U.S.-Iran conflict will wait until after November's midterm elections is expected to limit downward momentum, says Ritterbusch and Associates in a note. Brent crude falls 1.9% to $103.24 a barrel. ([email protected]) Corn and Soybeans Bounce as Harvest Progresses - Market Talk 0917 ET - Corn and soybean futures on the CBOT are rebounding from the weakness of recent days, this as the rate of harvesting in the U.S. hews closely to recent norms. In its Crop Progress report, the USDA says 18% of the U.S. corn crop is harvested, versus 17% at this time last year. For soybeans, its 17% harvested, versus 18% at this time last year. Both are on track with the 5-year average, but behind where analysts anticipated they would be, says Doug Bergman of RCM Alternatives in a note. Even so, the report's data may not support corn and soybeans for long. "The extended forecast looks better for harvest with a lot of supply expected to come on the market in the coming weeks," says Bergman. ([email protected]) Oil Falls as Gulf Crude Exports Picture Brightens - Market Talk 1205 GMT - Oil prices retreat on signs of recovering crude exports from major Middle Eastern producers, with Brent crude below $105 a barrel. In afternoon European trading, front-month Brent futures for November are down 1% to $104.19 a barrel, while the December contract falls 1.4% to $96.49 a barrel. The U.S. oil gauge WTI is down 1.5% to $91.18 a barrel. In September, crude exports from the Gulf region reached 80% of prewar levels, according to data from Kpler. Meanwhile, Saudi Arabia resumed exporting oil via its East-West pipeline after repairing damage caused by drone strikes, pointing to an improving supply situation. "The fact that oil prices remain so high is likely due to market participants' scepticism that, given the tense atmosphere between the parties to the conflict, this high level of market supply will be sustainable," says Barbara Lambrecht, commodity analyst at Commerzbank. ([email protected]) Palm Oil Ends Lower, Tracking Rival Oils' Losses - Market Talk 1009 GMT - Palm oil prices ended lower, tracking losses of competing vegetable oils, said David Ng, a trader at Kuala Lumpur-based Iceberg X. Continued concerns over rising inventories in Malaysia amid improving production also weighed on palm oil's prices, Ng said. He pegs the support and resistance levels for palm oil at 4,550 ringgit a ton and 4,700 ringgit a ton, respectively. The Bursa Malaysia Derivatives contract for December delivery ended 38 ringgit lower at 4,626 ringgit a ton. ([email protected]) Gold, Silver Gains Likely Limited by Fed in 'Inflation-Fighting Mode' - Market Talk 0908 GMT - Short-term price gains in gold and silver will likely be limited as long as the Federal Reserve "remains in inflation-fighting mode," Julius Baer's Carsten Menke writes. Rising U.S. bond yields have pressured the precious metals' prices, which Menke says is due to the real-yield component. This likely reflects the U.S. economy's strength, which could fuel fears of further Fed rate hikes, says the next generation research head. Still, precious metals' decline could be limited, as he expects the Fed to raise rates less frequently than currently priced into money markets. A higher rate environment typically weighs on nonyielding assets like gold. Spot gold rises 0.7% to $4,140.47 a troy ounce. ([email protected]) Silver Still Under Pressure After Selloff - Market Talk 0739 GMT - Silver remains under pressure after Monday's selloff, with futures around $61 an ounce. Higher U.S. Treasury yields and a stronger dollar are weighing on the non-yielding metal by increasing its opportunity cost and making it more expensive for overseas buyers. Expectations for another U.S. rate hike in October are adding to the pressure. However, the longer-term supply outlook remains supportive, says Naeem Aslam from Zaye Capital Markets, with silver heading for a sixth consecutive annual deficit and limited mine-supply growth. Industrial demand remains a key risk, particularly as China's industrial profit growth slowed, while silver's use in solar, electronics and manufacturing leaves it sensitive to global economic conditions. "If yields soften and the dollar weakens, silver could find support quickly, but if both stay elevated, the market may continue testing lower technical levels before any durable recovery develops," Aslam says. ([email protected]) Copper Slips With China's Demand Signals in Focus - Market Talk 0739 GMT - Copper falls in early European trading, with three-month LME futures down 0.5% to $14,407 a metric ton. The metal is being pulled between "weaker near-term macro demand signals and increasingly supportive policy and supply fundamentals," says Naeem Aslam from Zaye Capital Markets. China's planned infrastructure spending could support demand, but property investment remains weak. On the supply side, slower Chinese refined output, maintenance shutdowns and potential Chilean mine strikes are tightening the market, while inventories remain low. Meanwhile, higher global yields and a stronger dollar add to pressure. Traders now await upcoming Chinese and U.S. economic data for more clues on demand trends. "The direction of copper will increasingly depend on whether real Chinese infrastructure demand begins absorbing constrained supply faster than higher rates and a strong dollar suppress commodity risk appetite," Aslam says. ([email protected]) Gold Ticks Higher But Remains Below $4,200 on Fed Rate-Hike Bets - Market Talk (MORE TO FOLLOW) Dow Jones Newswires 09-29-26 1222ET (C) Dow Jones - 2026