Economy
Essar Announces $18 Billion U.S. Steel Manufacturing Investment
The Hindu1h
THE BRIEF
1
Essar Group announced an $18 billion investment in the United States through Mesabi Metallics to build a fully integrated steel manufacturing complex.
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The project includes a $15 billion integrated steel plant in Iowa linked with an existing $3 billion iron ore mine and pelletising facility in Minnesota.
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The venture marks Essar's return to the steel sector following the 2019 insolvency resolution process involving its former Indian flagship asset, Essar Steel India.