Essar Group-backed Mesabi Metallics has announced an USD 18 billion investment to build a fully integrated steel plant in the US, combining an iron ore mine in Minnesota with a new steel plant in Iowa. 

Sep 30, 2026

Essar-backed Mesabi Metallics will invest USD 18 billion to develop an integrated steel complex in Iowa, making it the largest single-location investment in an integrated steel plant in US history. The USD 18 billion investment comprises USD 15 billion for the Iowa steel plant and around USD 3 billion already invested in the iron ore mine in Minnesota. The Iowa plant will use iron ore from Mesabi Metallics’ Minnesota mine, creating an integrated mine-to-steel supply chain. 

The Iowa facility is planned to produce 7.5 million tonnes of steel annually in its first phase, with capacity expected to reach 10 million tonnes, and is expected to begin steel production in 2030.

“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. It’s the largest plant, one of the largest plants in the world, but it’s the largest plant in America by far,” said President Trump.

Also Read: Essar Group to Invest USD 650 Million in US Steel Plant

Rewant Ruia, Chairman, Mesabi Metallics, said, “We are building a fully integrated steel business from the ground up, connecting Minnesota’s world-class iron ore resources with steelmaking in Iowa to produce 100% American steel.”