Essar Group plans to invest an additional USD 650 million in its US plant. It had invested USD 1.7 billion earlier.
Jan 24, 2025
Essar Group plans to invest an additional USD 650 million in its US steel plant in the state of Minnesota. It had invested USD 1.7 billion earlier.
Prashant Ruia, Director of Essar Group, said, ‘‘We are building a 7 million tonnes per annum (MTPA) iron ore mining and pelletisation facility, with 1.3 billion tonnes high-grade iron ore reserve.’’
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He adds, ‘‘This initiative is central to the US steel industry’s transition toward more sustainable, low-carbon production. With USD 1.7 billion invested so far, and an additional USD 650 million planned, we are creating more than 700 direct jobs in the US and making a significant contribution to local economic development.’’
