Trump announces Essar-backed $18 billion investment to build integrated US steel company

Mesabi Metallics Chairman Rewant Ruia speaks as President Donald Trump, from right, Energy Secretary Chris Wright, Essar Capital Director Prashant Ruia and Mesabi Metallics CEO Joe Broking listen in the Oval Office of the White House, Monday, Sept. 28, 2026, in Washington. (AP Photo)

US President Donald J Trump has announced a USD 18-billion investment by Indian multinational conglomerate Essar-backed Mesabi Metallics to establish a fully integrated American steel company, linking its iron ore mine in Minnesota with a proposed steel complex in Iowa.

The announcement was made at the White House in the presence of Essar Group vice-chairman and founder Ravi Ruia and Mesabi Metallics chairman Rewant Ruia. US Commerce Secretary Howard Lutnick, Energy Secretary Chris Wright, and US Export-Import Bank chairman John Jovanovic also attended the event, along with Iowa Governor Kim Reynolds, Senator Joni Ernst and Representatives Mariannette Miller-Meeks and Ashley Hinson.

The investment comprises a proposed $15 billion integrated steel complex in Iowa, alongside the $3 billion already invested in Mesabi Metallics’ iron ore mine and pelletising facility in Minnesota.

The company said the project would be the largest single-location investment in an integrated steel complex in US history. It is expected to generate thousands of jobs across Minnesota and Iowa and create a domestic supply chain in which iron ore is mined, steel is melted and finished products are produced in the US.

Mesabi Metallics recently opened what it described as the first new iron ore mine in the US in 50 years.