Indian firm building $15bn Trump-announced steel mill has deep Russia ties
Summary
President Donald Trump announced a $15 billion steel plant in Iowa, built by Mesabi Metallics, a company owned by the Indian Essar Group. This group has ties to Russian businesses, including partnerships affected by US and European sanctions related to Russia’s war in Ukraine.Key Facts
- The steel plant, located in Iowa, is expected to be the largest in the United States with first steel production in 2030.
- The project aims to create about 1,750 permanent jobs and support 6,000 construction jobs.
- Essar Group, the Indian owner of Mesabi Metallics, has historical business links with Russia, including a partnership with Rosneft, a Russian gas company under Western sanctions.
- Essar sold a major Indian oil refinery in 2016 to a Russian-led group; that refinery was rebranded Nayara Energy.
- Nayara Energy, partially owned by Rosneft, supplies petroleum products to Russia amid fuel shortages due to the Ukraine conflict.
- President Trump said steel tariffs helped make this project possible by protecting the US steel industry.
- The announcement came soon after Trump signed a law allowing tariffs on countries buying Russian oil, including India.
- The project combines iron ore mining in Minnesota with the steel factory in Iowa to boost US steel production and the economy.
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