Business
Trump unveils Essar $15 billion Iowa steel plant plan
The Hindu BusinessLine··29 Sept
President Donald Trump announced Essar's Mesabi Metallics will build a $15 billion steel plant in Iowa. A White House official said production could start by 2030 at 10 million tonnes a year. The project may create 1,750 permanent Iowa jobs. Iron ore would come from a new $2.5 billion Minnesota mine employing about 350 people.
Prism
What It Means For You
- The Minnesota mine would be the first new US iron mine in 50 years, officials said.
- Energy Secretary Chris Wright and Commerce Secretary Howard Lutnick attended the Oval Office announcement.
- Chairman Rewant Ruia said the plant will compete on size, quality and cost globally.
What's Happening
- Trump made the announcement with Essar co-founder Ravi Ruia and his son Rewant present.
- The mine on the Mesabi Iron Range is expected to produce about 7.5 million tonnes of iron per year.
- Mesabi Metallics thanked Trump for bringing manufacturing investment back to America.
Mesabi Range Supply Chain
- The Mesabi Iron Range stretches 80 to 100 miles in Minnesota.
- It contributed about 60 percent of US iron ore production during the 20th century.
- Export-Import Bank chair John Jovanovic was among officials at the White House event.
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