US President Donald Trump announced plans by Essar Group to build a large steel plant in the state of Iowa, which will require an investment of $15 billion. This announcement was made in the Oval Office in the presence of Essar Group co-founder Ravi Ruia and his son Rivant Ruia.
Trump stated: 'Today we are pleased to announce that Mesabi Metallics will build the largest steel plant in American history in the great state of Iowa.' Rivant Ruia, Chairman of Mesabi Metallics, thanked Trump for 'restoring the importance of manufacturing in America.'
According to an official White House representative, the Mesabi Metallics plant is planned to be operational by 2030. The facility is expected to produce 10 million tons of steel annually and provide up to 1,750 permanent jobs in the state.
Furthermore, the plant will utilize iron ore mined from a new mine, in which the company has invested $2.5 billion for construction in Minnesota. This mine is expected to produce about 7.5 million tons of iron per year and create approximately 350 jobs in the state. The White House representative noted that this will be the first new iron mine in the US in 50 years.
The mine is located in the Mesabi Range of Minnesota, which stretches for 80–100 miles and provided about 60 percent of total iron ore production in the US in the 20th century. Rivant Ruia emphasized that the new plant will use advanced technologies and will be able to compete with any global steel plant in size, quality, and cost.
Also present were Energy Secretary Chris Wright, Trade Secretary Howard Latnick, John Jovanovic, Chairman of the Export-Import Bank, and David Coply, Senior Director of Global Supply Chains.
