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India’s Essar Group Plans $18 Billion US Steel Investment

WASHINGTON: India’s Essar Group plans to invest about $18 billion in the United States, including a proposed $15 billion steel complex in Iowa and investment in an iron ore operation in Minnesota.

Steel manufacturing plant representative image
Steel manufacturing. Representative image.

Business Standard reported that Mesabi Metallics, owned by Essar Group, plans to use iron ore mined in Minnesota and process it into steel in Iowa.

The first phase of the proposed Iowa facility is expected to have annual production capacity of 7.5 million tonnes, with potential expansion to 10 million tonnes. First production is targeted for 2030.

Source: Business Standard and Essar Group.

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Imran Siddiqui

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