India, Sept. 29 -- Mesabi Metallics, a company owned by India's multinational conglomerate Essar Group, has announced an $18 billion investment to build a fully integrated steelmaking operation linking its iron ore mine on Minnesota's Mesabi Iron Range with a new steel complex in Iowa.

The company will invest $15 billion to build the Iowa steel facility, in addition to the $3 billion being spent to complete its iron ore mine in Minnesota.

Mesabi Metallics said the project would represent the largest single investment in a steel complex in US history. It is expected to create jobs in Minnesota and Iowa, generate economic activity across the Midwest and establish a fully domestic steel supply chain, from mining and processing to steel pro...