Essar Group to Invest $15 Billion in Massive Iowa Steel Plant

India-based Essar Group, through its US subsidiary Mesabi Metallics, is set to invest $15 billion in a major steel plant in Iowa, United States. President Donald Trump announced the project on September 28, 2026, describing it as the largest steel plant in US history. The facility is planned to eventually produce up to 10 million tonnes of steel annually, with production expected to begin around 2030. The project is also expected to create up to 6,000 construction jobs and around 1,750–2,000 permanent jobs in manufacturing and mining.

The Iowa facility will be part of an integrated supply chain, using iron ore from Mesabi Metallics’ mine in Minnesota. Essar’s broader US investment linked to the project is expected to reach about $18 billion, including funding for the Minnesota mine. Trump and Commerce Secretary Howard Lutnick have linked the investment to the US administration’s 50% tariffs on imported steel, with Lutnick saying the tariffs were a factor behind the project.