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Brazil votes today: Lula faces Flávio Bolsonaro in runoff Fed, ECB, BoJ Rate Decisions This Week: Holds Expected, December in Focus Oil is pricing in the next round of war. Brent tops $116 as Iran tensions drag Wall Street lower Global money is bidding for India's biggest growth stories while leaving India’s index Beyond banks: AI layoffs spread to tobacco, chemicals and payments The AI debt bill comes due: neocloud bonds trade like distress Putin, Zelenskyy Back Three-Way US Peace Talks on Ukraine Apple’s first foldable, the iPhone Duo, goes on sale at around $2,200 Jio IPO sets a global record with 10 million+ applications on final day

Industries

Trump unveils $15B Iowa steel mill, backed by India's Essar

Mesabi will also soon complete its taconite mine, region's first new mine in 50 years.

News | 29 September 2026

Trump unveils $15B Iowa steel mill, backed by India's Essar

Mesabi Metallics, owned by India's Essar Group, will build a $15B steel plant in Lee County, Iowa. Trump says it will be the largest steel plant in the US and it's a major Indian manufacturing bet on the American heartland.

Announced at the White House on Mon, 28 Sep 2026, the total package is $18B: $15B for the mill plus $3B to finish Mesabi's taconite mine on Minnesota's Iron Range, which opened in Sept 2026 as the region's first new mine in 50 years.

Ore will move by US rail to Iowa. Phase 1 capacity is 7.5M tons a year and steelmaking is due to start in 2030. The project promises 1,750 permanent jobs at about $49/hr and 6,000 construction jobs.

It's led by chair Rewant Ruia of Essar's founding family. Commerce Secretary Lutnick says the project doesn't depend on local incentives, but Iowa lawmakers may still reconvene to consider tax breaks.