Mumbai, Sept. 29 -- Essar-backed Mesabi Metallics plans to invest $18 billion to build a fully integrated US steel business, linking its iron ore mine in Minnesota with a new steel complex in Iowa, the company said.
US President Donald Trump announced the investment at the White House in Washington, as per a press note issued from Mumbai office. The project includes a proposed $15 billion integrated steel complex in Iowa and about $3 billion already invested in an iron ore mine and pelletizing facility in Minnesota.
Mesabi Metallics said the project would be the largest single-location investment in an integrated steel complex in US history.
According to the press note, the announcement was made in the presence of Ravi Ruia, Vice Chairma...