Essar Group to invest an additional $650 million in an iron ore project in the United States

The Indian concern Essar Group plans to invest an additional $650 million in its iron ore project in the United States (Minnesota). This was announced by the company’s CEO Prashant Ruia, the group said in a statement.

“The United States is an important market for us, and our investment reflects our long-term commitment to the region. In northern Minnesota, we are building a 7 million tonne per annum ore mining and pelletizing facility with 1.3 billion tonnes of high-grade reserves. This initiative is central to the transition of the US steel industry to a more sustainable, low-carbon production,” he explained.

Ruia said that $1.7 billion has already been invested in the iron ore project, and an additional $650 million is planned, in line with the Trump administration’s economic priorities.

In addition, Essar is investing billions of dollars in green energy in the UK and India. According to the company’s CEO, the group is committed to building a sustainable future by investing in transformative green ecosystems. In particular, the concern’s focus is on industrial decarbonization through hydrogen and hydrogen power plants and innovation in the production of clean steel.

In the summer, Essar Group confirmed a $4 billion investment in the creation of a clean steel production facility in Saudi Arabia. The company will also invest approximately $3.6 billion over the next four years in a green hydrogen plant in India (Jamnagar, Gujarat).