Home / Business and Economy / Iowa Lands $15B Steel Giant: A New Era Dawns
Iowa Lands $15B Steel Giant: A New Era Dawns
29 Sep
Summary
- Essar Group commits USD 15 billion to build a new steel plant in Iowa.
- The facility aims for 10 million tonnes annual production, creating 1,750 jobs.
- A new Minnesota mine, costing USD 2.5 billion, will supply iron ore.
President Donald Trump announced on September 29, 2026, that Essar Group will invest USD 15 billion to construct the largest steel plant in American history. The facility will be located in Iowa, with production slated to begin by 2030.
This significant undertaking by Essar's Mesabi Metallics aims to produce 10 million tonnes of steel each year. The project is projected to create 1,750 permanent jobs within Iowa, marking a substantial boost to the state's economy.
Iron ore for the new plant will be sourced from a USD 2.5 billion mine in Minnesota's Mesabi Iron Range. This mine, the first new one in the U.S. in 50 years, is expected to yield about 7.5 million tonnes of iron annually and generate approximately 350 jobs.
