New Delhi: India's Essar Group is going to make its biggest bet ever in America. The group's American subsidiary Mesabi Metaliks is going to build one of America's largest single-site steel plants in Iowa with an investment of about $ 18 billion, or Rs 1.73 lakh crore. US President Donald Trump announced this project at the White House, and on this occasion, along with the Ruia family, Mesabi Metallics Chairman Rewant Ruia – under whose leadership the essar steel plant project is now counted among the most talked about Indian investments in America.
The annual steel production capacity of the proposed plant will be around 10 million tonnes. Once production begins, it will be among the largest steel plants in America's history. Interestingly, Essar is not a new player in the US — the group has been present in Minnesota since 2007, and is now planning to link its iron-ore assets there with a steel project in Iowa.
rewant ruia essar steel plant: Who is Rewant Ruia?
Rewant Ruia is the son of Essar Group co-founder Ravi Ruia and is counted among the prominent business faces of the third generation of the Ruia family. He was born in India, but studied in New York, Boston and California. According to Revanth himself, he has spent almost half of his life in America – hence he described such a big investment in America as a 'true homecoming'.
The story of Essar began in 1969 with Ravi Ruia and his elder brother Shashi Ruia. The brothers started with a mere Rs 2.5 crore construction project involving the outer breakwater at Chennai Port, and laid the foundation of a huge industrial empire. The name 'Essar' is also derived from the names of two brothers – 'S' of Shashi and 'R' of Ravi. Shashi Ruia died in November 2024 at the age of 80.
Business spread across many sectors
After the beginning, the Ruia family expanded Essar into many sectors. Today the group's business spans across sectors like steel, oil and gas, power, ports, shipping, technology and retail. The group now runs its operations through Essar Global Fund, whose portfolio is divided across Energy, Infrastructure, Metals & Mining, Technology and Retail. According to the group, it has a global presence and annual revenue of about $15 billion.
Why is this stake important in America
Revant Ruia and members of the Ruia family were also present at the announcement at the White House. At the event, Revanth said he was born in India and studied in New York, Boston and California — having spent almost half of his life in America. That's why he described this mega investment as a 'true homecoming'. Describing this project as a historic step for American manufacturing, Trump said that it will make America stronger in steel production.
This deal has come at a time when America is promoting domestic manufacturing and wants self-reliance in strategic sectors like steel. For the Trump administration, this announcement is a major victory for the 'Made in America' agenda, while for Essar, it is an opportunity to strengthen its position on the global steel map. This investment also opens a new chapter in India-US economic relations — an Indian group is now going to be a part of America's industrial future.