US President Donald Trump on Monday (US time) unveiled historic plans for a $15 billion steel mill to be built in Iowa. During the announcement at a White House event, it was confirmed that Indian multinational conglomerate Essar Group, through its subsidiary Mesabi Metallics, will invest a total of $18 billion in the United States. This will include the energy giant’s multi-billion-dollar contribution to the construction of what Trump said would be the largest steel plant in US history.
The Ruias, the founding family of Essar, were present alongside the POTUS during the announcement, which comes after Mesabi Metallics recently opened the first iron-ore mine in Minnesota in 50 years. Trump was “thrilled to announce” the new Iowa steel expansion as he heralded the India-based energy giant’s investment as a landmark achievement for the US industrial sector.
The MAGA leader stated at the event that the new steel plant would produce 10 million tonnes of steel each year. Although this figure is a fraction of India’s annual output, it would make for one of the biggest single-site mills in the United States, according to ANI.
Notably, Trump laid out the plan to build the multi-billion-dollar steel mill in Iowa just over a month before the US is set to host the November midterm elections, a contest for control of both the House of Representatives and the Senate. Although Trump’s Republican Party currently maintains control of the House, it retains a slim majority, while a growing share of American voters continue to voice their frustration with the POTUS’ handling of the economy.
See White House’s $15B steel expansion announcement
Sharing multiple pictures from the official event, the White House account on X proclaimed that Trump is reversing “anti-mining policy with one of the largest steel plants in American history: a $15B Mesabi Metallics mill.”
Doubling down on the Republican leader’s ‘America First’ agenda, the development is slated to create 1,750 permanent jobs in Iowa and support 6,000 construction jobs. Additionally, the major expansion is projected to add $95 billion to the US economy over the next decade, according to the White House.
The Iowa plant is expected to begin steelmaking in 2030, according to a White House official cited by The Wall Street Journal.
“It’s really not that complicated,” Trump said, asserting that the forthcoming development has been fuelled by US tariffs that were responsible for raising prices for foreign-made steel. He also pointed out that companies were now choosing to build in America “because they don’t want to pay tariffs.”
US Commerce Secretary Howard Lutnick similarly attributed the steel and mine project to the 50% tariffs on foreign steel.
He further asserted that steel will be “mined, melted and made right here in the USA, which is something very unusual.
Indian company’s founding family hails Trump’s move
As Trump told reporters that Mesabi Metallics’ Iowa expansion would not only make way for the largest steel plant in US history but also one of the largest ones in the world, the company’s Chairman Rewant Ruia thanked the POTUS “for bringing back the importance of building things in America.”
Essar Group was founded by two brothers, Shashi and Ravi Ruia. The energy giant is behind India’s largest single-location steel facility in Hazira, Gujarat, and the nation’s second-largest single-location refinery in Vadinar.
Its overseas assets include Shell’s Stanlow refinery it acquired in the United Kingdom and a low-carbon steel plant in Saudi Arabia. Meanwhile, Mesabi Metallics remains its US arm, which has been in Minnesota since 2007 following the purchase of Minnesota Steel.
Rewant Ruia also opened up at the event about being born in India and subsequently coming to the US to pursue higher education in New York, Boston and California. As he further spoke on having spent most of his life in America, the Essar co-founder called his company’s multi-billion investment a “true homecoming.”
According to Ruia, his family is investing $3 billion in a new iron ore mine in Minnesota. Moreover, he promised a fully integrated supply chain “from mine to mill.” His brother, Ravi, added that the group they founded decades ago as a family business of “builders” had built steel plants, oil refineries and power plants.
When asked about the cost, the brothers agreed on roughly $18 billion, about Rs 1.5 lakh crore. Trump admin official Howard Lutnick then estimated the combined mine-and-plant investment as $17.5 billion.
Back in May, US and India officials celebrated $20.5 billion in investments into the United States by Indian industry leaders at the 2026 SelectUSA Investment Summit, reinforcing the booming role of Indian companies as investors and partners in the US economy. According to the US Mission India, these wide-ranging investments spanned pharmaceuticals, advanced manufacturing, energy infrastructure, and emerging technologies, and were praised for potentially creating creating thousands of jobs while boosting supply chains and expanding US production capacity.
In other news, an August 2026 press release by the Ministry of Steel revealed a positive picture of domestic demand. According to the official figures, India’s finished steel consumption surged 7.9% year-on-year to 56 million tonnes during April-July 2026, while crude steel production was 56.2 million tonnes. Alluding to the National Steel Policy 2017, the Ministry projects crude steel production capacity of 300 million tonnes and actual production of 255 million tonnes by 2030-31.