Essar is a diversified investor and developer operating across Energy, Infrastructure, Metals & Mining, and Technology & Retail. It owns and builds assets in eight countries, generating about $15 billion in revenue and employing more than 7,000 people. After monetising some major assets in recent years, Essar is shifting its focus to greener business models, aiming to turn existing assets toward a clean-energy future. Its efforts center on creating sustainable ecosystems around hydrogen, green mobility, and green steel. Essar Foundation supports social programs in health, education, livelihood, women’s empowerment, sports, environment, and infrastructure across India. The company’s goal is to transform its portfolio to support a low-carbon economy and invest in businesses that drive the global clean-energy transition.
Company Size
10,001+
Company Stage
N/A
Total Funding
$19.5M
Headquarters
Mumbai, India
Founded
1969
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India's Essar Group to invest $18 billion in 'largest' US steel plant, Trump announces. Edited by: Vivek Dubey / TIMESOFINDIA.COM / Updated: Sep 29, 2026, 08:19 IST 74 Comments President Donald Trump speaks as from right, Commerce Secretary Howard Lutnick, Energy Secretary Chris Wright, Essar Capital Director Prashant Ruia, Mesabi Metallics Chairman Rewant Ruia and Mesabi Metallics CEO Joe Broking US President Donald Trump on Tuesday announced plans by Indian conglomerate Essar Group, through its US subsidiary Mesabi Metallics, to invest about $18 billion in a major steel plant in Iowa. Trump made the announcement at the White House alongside Essar Group co-founder Ravi Ruia and Mesabi Metallics chairman Rewant Ruia, describing the project as the largest steel plant in American history. "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," Trump told reporters. - ANI (@ANI) The facility is expected to produce 10 million tonnes of steel a year once fully operational, with production targeted to begin in 2030. The project is also expected to create thousands of jobs during construction and nearly 2,000 permanent positions across the steel and mining operations. Project to link Minnesota iron ore mine with Iowa steel plant The Iowa plant will form part of an integrated US supply chain, with iron ore sourced from a new mine being developed by Mesabi Metallics in Minnesota's Mesabi Iron Range. You May Like The company has invested about $2.5 billion in the mine, which is expected to produce around 7.5 million tonnes of iron annually and create about 350 jobs. Rewant Ruia said he was born in India but had studied in New York, Boston and California, adding that he had spent half his life in the US and described the investment as "a true homecoming". He said the project would establish a fully integrated supply chain "from mine to mill". Trump highlighted the domestic nature of the operation, saying the Minnesota mine would be "the first new iron ore mine in the United States in more than 50 years with the highest quality ore." "In other words, this steel will be mined, melted, and made right here in the USA, which is something very unusual," Trump said. Rewant Ruia thanked the president "for bringing back the importance of building things in America." He also said the plant would use advanced technology and "will compete head-to-head with any steel plant in the world on size, quality and on cost." Trump and Commerce Secretary Howard Lutnick attributed the investment partly to the administration's steel tariffs. Trump said companies were building in the US "because they don't want to pay tariffs". End of Article
Trump has announced the construction of a $15 billion steelworks in Iowa. The first products are expected to be produced in 2030. US President Donald Trump has announced plans by Mesabi Metallics to build a steelworks in Iowa with an investment of $15 billion. This is reported by Reuters. The new complex will be fully vertically integrated: iron ore from the new Mesabi mine in Nashwak, Minnesota, will be used to produce steel in Iowa. The first phase of the project envisages an annual output of 7.5 million tonnes of steel, with capacity subsequently increasing to 10 million tonnes. The White House has already described this facility as the largest steelworks in US history. According to the White House, the project will create at least 1,750 permanent jobs, as well as up to 6,000 temporary jobs during the construction phase. The total economic impact of the first phase, covering the construction period and the first 10 years of operation, is expected to reach $95 billion. The first production is scheduled for 2030. Mesabi is owned by the Indian conglomerate Essar Group, which has already invested over $2.5 billion in a mining operation in Minnesota. Previously, the US Export-Import Bank announced that it would provide $10 billion to finance the expansion of this mine. The investment announcement was made during a fiercely contested election campaign in Iowa for Senate seats and the governorship. The project is intended to demonstrate the effectiveness of Trump's protectionist policy, which is based on higher import duties. Whilst the global steel market is suffering from overcapacity (particularly in China), trade barriers in the US are keeping domestic prices high, making large-scale construction projects economically viable. At the same time, tariffs are putting pressure on neighbouring markets: for instance, the Canadian company Cleveland-Cliffs has announced production cuts and the redundancy of hundreds of workers at its plant in Ontario precisely because of the impact of US tariffs. As reported by GMK Center, the South Korean companies Hyundai Steel and POSCO have begun construction of a steelworks in the state of Louisiana (USA) at a cost of $5.8 billion. The annual capacity will be 2.7 million tonnes of hot-rolled, cold-rolled and galvanised steel, including 1.8 million tonnes of automotive steel sheets and 900,000 tonnes of general-purpose steel. Mass production is due to begin in 2029.
Essar to build $15 billion steel plant in US, Trump says. Published: September 29, 2026, 1:21 PM IST Updated: September 29, 2026, 1:22 PM IST 1 India's Essar Group, through its US subsidiary Mesabi Metallics, plans to build a $15 billion steel complex in Iowa as part of an estimated $18 billion integrated investment linking a Minnesota iron ore mine with the proposed plant. The facility is planned to eventually produce 10 million tonnes of steel annually. Key highlights. * Essar-backed Mesabi Metallics plans a $15 billion steel complex in Iowa. * The broader integrated investment is estimated at around $18 billion. * The plant is planned to eventually produce 10 million tonnes of steel annually. * Minnesota iron ore will supply the proposed Iowa steel complex. Washington, Sept 29: India's Essar Group, through its US subsidiary Mesabi Metallics, has announced plans for a major integrated steel project in the United States, linking an iron ore mine in Minnesota with a proposed steel complex in southeastern Iowa. US President Donald Trump announced the project at the White House on September 28, describing the Iowa facility as the largest steel plant in American history. The overall investment has been described at around $18 billion, although figures cited during the announcement varied. The White House put the proposed Iowa mill at $15 billion, while the broader investment includes the Minnesota mining operation. Essar Chairman Ravi Ruia cited an overall figure of about $18 billion, while Rewant Ruia said the family was investing around $3 billion in the mine. The company said the project will create a fully integrated supply chain from Minnesota iron ore to steel production in Iowa. The proposed steel complex is expected to begin with annual production of about 7.5 million tonnes, with capacity eventually rising to around 10 million tonnes a year. The White House said the project could support up to 6,000 construction jobs and 1,750 permanent Iowa jobs, while production is expected to begin around 2030. These figures are projections for a project that has not yet entered steel production. The Minnesota mine is an important part of the integrated project. Mesabi Metallics recently opened a new iron ore mine in Minnesota, which is expected to supply ore to the Iowa facility. The development is intended to create an integrated US-based chain covering mining, processing, transportation and steelmaking. Federal financing is also involved in the mining component, with the US Export-Import Bank providing financing support. For Essar, the announcement represents a major expansion of its US industrial operations. Rewant Ruia, Chairman of Mesabi Metallics, described the investment as a "homecoming", noting his personal educational and professional connections to the United States. Essar founder Ravi Ruia said the company had built steel plants, refineries, ports and power facilities internationally and was now undertaking its next major project in the US. The project also comes as the United States seeks to expand domestic steelmaking and reduce reliance on imported steel. The proposed facility, however, remains a development project, and its investment, employment and production figures are announced projections rather than operating results. Essar Group's proposed US steel investment will link Minnesota iron ore production with a large new Iowa steel complex, creating an integrated American supply chain with planned capacity of up to 10 million tonnes annually.
Essar Group will invest ₹1.5 lakh crore in America: largest steel plant to be set up in Iowa, production to start in 2030 5 hours ago Trump met Essar Group co-founder Ravi Ruia and his son Rewant Ruia. Indian Essar Group will invest $18 billion, or about ₹1.5 lakh crore, in America. The largest part of the investment will be spent on a steel plant to be built in the US state of Iowa at a cost of $15 billion. This will be America's largest steel plant. This plant will be set up in the US state of Iowa, with an investment of $15 billion, or about ₹1.25 lakh crore. During an event held in the Oval Office of the White House, Trump announced this major project in the presence of Essar Group co-founder Ravi Ruia and his son Rewant Ruia. Essar Group's head office is in Mumbai. Production to start from 2030, 1,750 jobs to be created in Iowa The steel plant will be built by Essar Group's American company Mesabi Metallics. According to a White House official, the plant is targeted to start steel production by 2030. Once ready, this plant will produce 10 million tonnes of steel every year. Through this project, about 1,750 permanent jobs will be created in the state of Iowa. America's first new iron mine in 50 years A White House official said this is the first new iron ore mine to be started in America in the last 50 years. To supply raw material, that is iron ore (raw iron), for operating the steel plant, Essar Group has built a new mine in Minnesota. The company has invested $2.5 billion (about ₹21,000 crore) in building this mine. 'Companies are coming to America for fear of tariffs': Trump claimed a comeback of the steel industry Donald Trump said America's steel industry is becoming strong again, and he credited the 50% tariff imposed on steel imports last year for this. Trump said everyone is now setting up their plants in America because no one wants to pay the 50% tariff. This matter is very straightforward and simple. Essar Group started in 1969: business spread from Gujarat to the UK and Saudi Arabia Essar Group was started in India in 1969 by brothers Shashi Ruia and Ravi Ruia. Today, the group works in many sectors such as energy, mining, technology, and retail. * Assets in India: The group has the country's largest steel plant in Hazira, Gujarat. Meanwhile, India's second-largest refinery is located in Vadinar. * International business: In the UK, the group had acquired Shell's famous Stanlow refinery. Apart from this, there is a plan to set up a low-carbon steel plant in Saudi Arabia. * Presence in America: Essar's American subsidiary, Mesabi Metallics, is located in Nashwauk, Minnesota, and has been operating since 2007. It controls more than 1.4 billion tonnes of iron ore resources. There is more news...
Trump hosts reveal of $15 billion southeast Iowa steel plant. The top executives of a company that plans to build a $15 billion steel mill in southeast Iowa joined President Trump in the Oval Office today to announce the project. Prashant Ruia's family founded the Essar Group, which owns the Mesabi Metalics iron ore mine in Minnesota and will be building the plant in Lee [...] Share: The latest. September 28, 2026 Enjoy the day without rain as the forecast calls for a return of heavy rain. National Weather Service forecaster Elliott Morrow September 28, 2026 Republican Zach Lahn says many Iowans who support him in the race for governor are doing so because of what happened September 28, 2026 Class 5A 1. Southeast Polk (5-0), LW #1 vs Iowa City High 2. Dowling Catholic (4-1), LW #2 vs CR Kennedy September 28, 2026 The Wall Street Journal is reporting President Trump will announce early this afternoon that a new steel plant will be build September 27, 2026 A Fort Dodge man faces murder and attempted murder charges after a fatal shooting that happened outside a Fort Dodge bar September 27, 2026 Senator Chuck Grassley is urging Iowa Republicans to vote for the GOP candidate for governor, for a very specific reason. "At September 27, 2026 The Iowa legislature may soon convene in Des Moines to consider tax breaks that might seal the deal for a new September 27, 2026 Republican U.S. Senate candidate Ashley Hinson says she's lobbying House Speaker Mike Johnson to reconvene the House before the election to September 25, 2026 Dubuque is home to one of the largest populations of people from the Marshall Islands in the midwest and they are Partly Cloudy Dew Point: 63° Winds: S @ 9 mph Pressure: null" play_arrow Loop Radar