Washington DC, Sept. 28 -- United States President Donald Trump on Monday (local time) announced that Indian multinational conglomerate Essar Group, through its subsidiary Mesabi Metallics, will invest USD 18 billion to construct the largest steel plant in American history in the state of Iowa.

In an announcement from the Oval Office at the White House, Trump said he was "thrilled to announce" the plant, which he said would produce 10 million tonnes of steel a year. That is a fraction of India's annual output but would make it one of the biggest single-site mills in the US.

Expressing his appreciation for the administration's domestic manufacturing focus, Mesabi Metallics Chairman Rewant Ruia thanked President Trump "for bringing back t...