Essar Group has announced plans to invest an additional $650 million in its Minnesota steel plant, significantly expanding its operations in the United States. This new investment builds on a previous commitment of $1.7 billion, bringing the total investment to over $2.35 billion [69d29049]. The Minnesota facility is set to have a production capacity of 7 million tonnes per annum (MTPA) and will have access to approximately 1.3 billion tonnes of high-grade iron ore [69d29049].
Prashant Ruia, director of Essar Group, emphasized the importance of the US market for the company and reiterated its commitment to sustainable production practices. The expansion is expected to create over 700 direct jobs, contributing to the local economy [69d29049].
In addition to the steel plant investment, Essar's technology arm, Black Box, aims to generate $2 billion in revenue over the next four years, highlighting the company's focus on innovation and sustainability [69d29049]. Ruia also pointed out that Essar is concentrating on energy, metals, mining, and infrastructure in India, aligning with the country's ambition to become a $5 trillion economy [69d29049]. He noted India's potential as a key player in the global supply chain, especially in light of recent geopolitical changes [69d29049].