The Indian concern Essar Group plans to invest an additional $650 million in its iron ore project in Minnesota, USA. This was announced by the company’s CEO Prashant Ruia. The United States is an important market for Essar, and this investment reflects the group's long-term commitment to the region. The project involves building a 7 million tonne per annum ore mining and pelletizing facility with 1.3 billion tonnes of high-grade reserves, supporting the transition of the US steel industry to a more sustainable, low-carbon production.
Ruia stated that $1.7 billion has already been invested in the project, and the additional investment aligns with the Trump administration’s economic priorities. Essar is also investing billions of dollars in green energy in the UK and India, focusing on industrial decarbonization through hydrogen and innovation in clean steel production.
In the summer, Essar Group confirmed a $4 billion investment in creating a clean steel production facility in Saudi Arabia. Additionally, the company will invest approximately $3.6 billion over the next four years in a green hydrogen plant in Jamnagar, Gujarat, India.