US President Donald Trump has announced a USD 15 billion Essar-backed steel plant in Iowa. The project connects Minnesota iron ore with Iowa steelmaking operations.
The announcement came on September 29, 2026, putting Shashi and Ravi Ruia’s business legacy back into focus. The brothers founded Essar in 1969 and built its expansion across several industries.
The new US steel plant forms part of an approximately USD 18 billion investment. The plan aims to create thousands of jobs and strengthen domestic steel production.
Essar began with a Rs. 2.5 crore contract to build Chennai port’s outer breakwater. Shashi Ruia started working in the family business in 1965 under his father Nand Kishore Ruia. Ravi Ruia later joined him and helped transform the company into a diversified industrial group.
The brothers expanded Essar beyond construction into shipping, steel, oil, power, ports and telecommunications. The group entered telecom through Vodafone Essar and developed Aegis into a major BPO business.
Essar also built major industrial assets in India, including the Hazira steel plant. Its Vadinar operations grew around oil refining, ports and power infrastructure.
The group later shifted its strategy toward building, scaling and monetising large businesses. Essar says its telecom, BPO and oil businesses generated more than USD 40 billion through major transactions. The group sold Essar Oil for USD 12.9 billion in 2017 after years of expansion.
Debt pressures also reshaped the Ruia family’s business strategy. Essar Steel entered India’s insolvency process before ArcelorMittal eventually acquired the company. Essar later said it repaid around Rs. 1.4 lakh crore of debt by 2019.
The United States now represents another major chapter in the group’s industrial strategy. Essar-backed Mesabi Metallics operates an iron ore mine and pellet plant in Minnesota. The company has invested more than USD 1.8 billion and targets seven million tonnes of pellets annually.
The Minnesota operation began startup activities in September 2026, marking the first new US iron ore mine in decades. Essar plans to connect this resource with the proposed Iowa steel complex.
Trump described the Iowa facility as one of America’s largest steel plants. Production could reach 7.5 million tonnes initially and around 10 million tonnes eventually.
Shashi Ruia died on November 25, 2024, at age 81, leaving behind Essar’s diversified industrial legacy. Ravi Ruia continues to represent the family in major strategic initiatives.
The next generation is also entering the picture, with Rewant Ruia leading Mesabi Metallics. He appeared alongside Ravi Ruia during the latest US investment announcement.
As Essar moves deeper into American steel, the strategy links mining, processing and manufacturing. The move marks a return to metals while giving the family’s next generation a larger global role.
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