India, Sept. 29 -- US President Donald Trump on Monday unveiled India-based Essar Group's plans to build a massive steel plant in Iowa, with an investment of $15 billion.

Trump made the announcement in the Oval Office, with Essar Group co-founder Ravi Ruia and his son, Rewant, by his side. The investment is planned by Mesabi Metallics, a mining and resource development company based in the United States' Minnesota.

"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," Trump said.

While Mesabi Metallics is a US-based company, it is owned by the Essar Group, with Rewant Ruia serving as its chairman.

Energy Secretary Chris Wright, Commerce Secret...