CNN Central News & Network-ITDC India Epress/ITDC News Bhopal: Washington. The US unit of India’s Essar Group, Mesabi Metallics, is set to establish a steel plant in Iowa at an investment of about $15 billion. US President Donald Trump announced the project at the White House on Monday. The proposed plant will have an initial capacity of around 7.5 million tonnes a year, which could later be expanded to about 10 million tonnes.
The Trump administration’s 50 percent import tariff on steel has also been presented as a key reason behind the project. Trump said tariffs on foreign steel had made it more attractive for companies to produce in the United States. He linked new investment in the US steel industry to the policy.
Mesabi Metallics’ new plant will use raw material from the company’s iron ore mine in Minnesota. The company has developed an iron ore project worth about $2.5 billion in Minnesota. The plan is to keep the supply chain, from mining to steel production, within the United States. Construction of the Iowa plant is expected to create about 6,000 construction jobs and around 1,750 to 2,000 permanent jobs. Production is targeted to begin around 2030. Essar Group’s total investment commitment in the United States has been stated at about $18 billion.
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