Washington DC, Sept. 29 -- President Donald J Trump on Tuesday announced Essar-backed Mesabi Metallics' $18 billion investment to build a fully integrated American steel company, linking its Minnesota iron ore mine with a new steel complex in Iowa.
The investment includes a proposed $15 billion integrated steel complex in Iowa, in addition to the $3 billion already invested in the iron ore mine and pelletising facility in Minnesota.
The project is described as the largest single-location investment in an integrated steel complex in US history.
The announcement was made at the White House in the presence of Essar Group Vice Chairman and Founder Ravi Ruia and Mesabi Metallics Chairman Rewant Ruia.
United States Commerce Secretary Howard Lutnick, Energy Secretary Chris Wright and US Export-Import Bank Chairman John Jovanovic also attended.
The Iowa project is expected to create more than 8,000 construction jobs and at least 1,750 full-time jobs once operational.
The company estimates its investment will generate $95 billion in economic output during construction and the first 10 years of operations.
Mesabi Metallics' mine at Nashwauk, Minnesota, is the first new US iron ore mine in 50 years.
Nearly $3 billion has been invested in the mine, which currently employs more than 200 people and has over 1,500 construction workers on site.
The Iowa complex will use direct-reduced iron and electric arc furnace technologies to produce steel from Minnesota-mined iron ore and scrap, reducing energy use
and emissions.
Published by HT Digital Content Services with permission from Millennium Post.