Essar-backed Mesabi Metallics on Tuesday announced an $18 billion investment to build a fully integrated steel business in the US, including a $15 billion steel complex in Iowa that the company described as the largest single-location investment in an integrated steel complex in American history.
The announcement was made at the White House in the presence of President Donald Trump, Essar Group founder and vice chairman Ravi Ruia, Mesabi Metallics chairman Rewant Ruia and senior US officials and lawmakers. The investment will connect Mesabi Metallics’ iron ore mine and pelletising facility in Minnesota with the proposed Iowa steel complex, creating a domestic mine-to-mill supply chain. Nearly $3 billion has already been invested in the Minnesota operation, the company said.
The Iowa project is expected to create more than 8,000 construction jobs and at least 1,750 permanent jobs once operational. Mesabi Metallics said the investment is expected to generate $95 billion in total economic output during construction and the first 10 years of operations. The Iowa complex will use direct-reduced iron (DRI) and electric arc furnace (EAF) technology, with the company saying the process will lower energy consumption and emissions compared with conventional blast-furnace steelmaking.
Mesabi Metallics said its Minnesota mine, located in Nashwauk, is the first new iron ore mine built in the US in 50 years. The mine will produce direct-reduction-grade iron ore pellets for the Iowa steelmaking facility. “This investment marks a new chapter in Essar’s global journey,” Ravi Ruia said, adding that the project would contribute to stronger India-US economic ties through investment, industrial growth and job creation. Rewant Ruia said the project would connect Minnesota’s iron ore resources with steelmaking in Iowa and strengthen US domestic steelmaking capacity.
Published on September 29, 2026
