Indian conglomerate Essar Group will invest $18 billion, or approximately ₹1.5 lakh crore, in the United States. The largest share of the investment will be spent on a steel plant to be built in the US state of Iowa at a cost of $15 billion. It will be the largest steel plant in the United States. The plant will be built in Iowa, involving an investment of $15 billion, or approximately ₹1.25 lakh crore. Trump announced the major project during an event at the White House’s Oval Office in the presence of Essar Group co-founder Ravi Ruia and his son, Revant Ruia. Production to begin in 2030, 1,750 jobs to be created in Iowa The steel plant will be built by Essar Group’s US company, Mesabi Metallics. According to a White House official, the plant is targeted to begin steel production by 2030. Once completed, the plant will produce 1 crore tonnes of steel every year. The project will create around 1,750 permanent jobs in Iowa. America’s First New Iron Mine in 50 Years A White House official said this was the first new iron ore mine to begin operations in the US in the past 50 years. The Essar Group has built a new mine in Minnesota to supply iron ore (raw iron), the raw material needed to operate steel plants. The company invested $2.5 billion (around ₹21,000 crore) in constructing the mine. ‘Companies Are Coming to America Out of Fear of Tariffs’: Trump Claims Steel Industry Is Making a Comeback Donald Trump said America’s steel industry was growing stronger again, crediting the 50% tariff imposed on steel imports last year. Trump said everyone was now setting up their plants in the US because nobody wanted to pay a 50% tariff. “It is very straightforward and simple.” Essar Group Started in 1969: Business Spans from Gujarat to the UK and Saudi Arabia The Essar Group was founded in India in 1969 by brothers Shashi Ruia and Ravi Ruia. Today, the group operates across several sectors, including energy, mining, technology and retail. Post navigation US exempts India, 19 others from 100% speciality drug tariffs:Rare-disease, fertility and gene therapies spared Sensex falls 500 points, trading at 72,250:Nifty also falls 150 points, decline continues for the eighth consecutive week
