President Donald Trump announced on Monday, September 28, 2026, that Indian conglomerate Essar Group, through its subsidiary Mesabi Metallics, will build what the White House is calling the largest steel plant in American history, a $15 billion facility in Iowa.
The Announcement
Trump made the announcement from the Oval Office, flanked by Mesabi Metallics Chairman Rewant Ruia, Essar Group co-founder and Vice-Chairman Ravi Ruia, Commerce Secretary Howard Lutnick, and other officials. “Today, we’re thrilled to announce that Mesabi Metallics will be building the largest steel plant in American history in the great state of Iowa,” Trump said, adding that the facility would be “one of the largest plants in the world.”
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A Fully Integrated American Supply Chain
According to Essar Group, the announcement covers an $18 billion total investment to build a fully integrated American steel company, combining the new $15 billion Iowa complex with Essar’s existing $3 billion iron ore mine and pelletising facility on Minnesota’s Mesabi Iron Range. That Minnesota project, the first new large-scale iron ore mine in the United States in roughly 50 years, has already drawn over $2 billion in Essar equity and is targeting commissioning in the second half of 2026.
Scale And Jobs
The Iowa plant is expected to begin production by 2030, with first-phase capacity of around 7.5 million tonnes of steel a year, eventually rising to about 10 million tonnes annually. The project is projected to create more than 8,000 construction jobs and at least 1,750 permanent full-time positions once operational.
Political Backdrop
The announcement came weeks ahead of the November midterm elections, with the Oval Office event also attended by Iowa Republican officials and candidates. The administration has framed the investment as evidence of its push to revive US manufacturing, at a time when public sentiment on the economy remains a key concern for voters.
About Essar And Mesabi Metallics
Mesabi Metallics, based in Nashwauk, Minnesota, is backed by Essar Group, an Indian conglomerate with roughly $15 billion in annual revenue and a five-decade track record in building large-scale industrial assets.
