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Why is Essar investing $18 billion in a US steel plant? Trump tariffs hold the answer

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Sep 29, 2026·Excerpt

Why is Essar investing $18 billion in a US steel plant? Trump tariffs hold the answer — Image: President Donald Trump, seated and from right, speaks as Energy Secretary Chris Wright, Essar Capital Director Prashant Ruia, Mesabi Metallics Chairman Rewant Ruia and Mesabi Metallics CEO Joe Broking listen in the Oval Office of the White House, Monday, Sept. 28, 2026, in Washington. (AP Photo/Alex

India's Essar Group is making an $18 billion bet on the US steel industry, with its subsidiary Mesabi Metallics planning a large steel plant in Iowa linked to an iron-ore mine in Minnesota.The project was announced by US President Donald Trump on Monday. The Iowa facility is expected to produce up to 10 million tonnes of steel annually once fully operational, while the broader project is expected to create thousands of jobs. Production is expected to begin around 2030.But why…

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Why is Essar investing $18 billion in a US steel plant? Trump tariffs hold the answer

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