Yesterday — on September 28, 2026 — something extraordinary happened in the Oval Office. President Donald Trump stood alongside two Indian businessmen — Ravi Ruia, the co-founder of Essar Group, and his son Rewant Ruia — to announce what the White House is calling “the largest steel plant in American history”: a $15 billion facility to be built in Iowa by a Minnesota-based company called Mesabi Metallics.
Within hours, the internet was full of one question: who actually owns Mesabi Metallics? The answer takes you from a construction company in Chennai in 1969 to the Mesabi Iron Range in Minnesota, through a bankruptcy, a comeback, and one of the biggest industrial bets on American soil in modern history.
What Is Mesabi Metallics?
Mesabi Metallics Company LLC is an American iron ore mining and pelletizing company based in Nashwauk, Minnesota. It operates on Minnesota’s historic Mesabi Iron Range — one of the most iron-rich geological formations in the world — and is developing a DR Grade iron ore pellet operation designed to produce low-carbon, direct-reduction-grade iron ore pellets for the domestic steel industry.
The facility in Itasca County, Minnesota is approximately 85.5% complete as of January 2026, with the first production targeted for the fourth quarter of 2026. The company has invested more than $2.5 billion in the Minnesota mine and pellet plant alone. Its CEO is Joe Broking and its Chairman is Rewant Ruia.
Who Owns Mesabi Metallics in 2026?
Mesabi Metallics is part of the Essar Group of companies — a global diversified conglomerate controlled by the Ruia family of India. This is confirmed directly in SEC filings submitted to the U.S. Securities and Exchange Commission in 2026, which state: “Mesabi Metallics is part of the Essar Group of companies, a global diversified conglomerate with prior experience constructing and operating iron ore pelletizing facilities.”
The Ruia family — specifically Ravi Ruia (Vice-Chairman and Co-Founder of Essar Group) and his son Rewant Ruia (Chairman of Mesabi Metallics) — are the controlling family behind the entire operation.
Essar Group was co-founded in 1969 by brothers Shashi Ruia (who passed away on November 25, 2024) and Ravi Ruia, and has evolved over five decades into one of India’s most prominent industrial conglomerates. The second and third generations of the Ruia family now lead both Essar and its American operations through Mesabi Metallics.
Ownership and Key Stakeholders Table
| Owner / Party | Role | Stake / Position | Key Detail |
|---|---|---|---|
| Essar Group (Ruia Family) | Ultimate Controlling Owner | 100% parent of Mesabi Metallics | Indian industrial conglomerate; founded 1969 by Shashi & Ravi Ruia |
| Ravi Ruia | Co-Founder & Vice-Chairman, Essar Group | Controlling family stake | Was present at Trump’s Oval Office announcement on September 28, 2026 |
| Rewant Ruia | Chairman, Mesabi Metallics | Executive chairman; Ravi’s son | Third generation; leads all U.S. mining and steel expansion |
| Prashant Ruia | Director, Essar Group (Board Member of Mesabi Metallics) | Board representation | Son of Ravi Ruia; steers Essar’s global strategy alongside Rewant |
| Joe Broking | CEO, Mesabi Metallics | Operational leadership | Day-to-day CEO; represented company alongside Rewant at Trump announcement |
| Breakwall Capital | External Financier | Minority financial stake | One of the outside investors providing financing for the Minnesota mine |
| Macquarie | External Financier | Minority financial stake | Global investment bank providing project financing for the mine |
| U.S. Export-Import Bank | Government Financier | Up to $10 billion in financing | Issued financing for Mesabi’s Iowa expansion; government-backed credit agency |
| Metals Royalty Co. Inc. | Royalty Holder (not an owner) | Production revenue royalty | Acquired the Mesabi Royalty in June 2026 for $132.5 million from Ironclad |
The Ruia Family: Who Are They?
The Ruia family is one of India’s most prominent industrial dynasties. Essar Group was founded in 1969 by brothers Shashi Ruia and Ravi Ruia, beginning with a construction contract worth ₹2.3 crore for an outer breakwater at Chennai Port.
From those modest beginnings, the brothers built Essar into a global conglomerate spanning steel, oil and gas, ports, power, and technology — active across more than 25 countries.
Shashi Ruia, the elder brother and group patriarch, passed away on November 25, 2024 at the age of 81.
The group is now led by the second and third generations — primarily Prashant Ruia (son of Ravi, Group CEO direction) and Rewant Ruia (son of Ravi, Chairman of Mesabi Metallics), who are steering Essar’s pivot toward green energy, global infrastructure, and American steelmaking.
The Turbulent History: From Essar Steel Minnesota to Mesabi Metallics
The story of Mesabi Metallics is inseparable from one of the most dramatic corporate failures and revivals in Minnesota history.
Essar Group’s connection to the Mesabi Iron Range goes back nearly 20 years. The family first proposed a mine and steel mill project in Minnesota in the 2000s through a subsidiary called Essar Steel Minnesota LLC.
But the project was plagued by delays, cost overruns, and financial mismanagement. By 2016, Essar Steel Minnesota had accumulated approximately $1 billion in debt and filed for Chapter 11 bankruptcy protection — just as the state of Minnesota was moving to take control of the project and potentially transfer it to rival steelmaker Cleveland-Cliffs.
The project emerged from bankruptcy in 2017 under the renamed entity Mesabi Metallics, with new management and a restructured ownership through Essar Group.
Construction resumed in 2024 after years of legal battles and financial disputes. The mine is now 85.5% complete and on track to begin iron ore pellet production in the fourth quarter of 2026 — nearly a decade after the original target date.
The Ruia family has invested more than $2.5 billion in the Minnesota operation since resuming the project, a bet that was validated in the most public way possible when President Trump announced their $15 billion Iowa steel plant in the Oval Office on September 28, 2026.
The $15 Billion Iowa Announcement: What It Means
Yesterday’s White House announcement was one of the most significant industrial investment announcements in recent American history — and it puts Mesabi Metallics at the very center of Trump’s economic agenda.
President Trump announced that Mesabi Metallics plans to build what the White House is calling the “largest steel plant in American history” in eastern Iowa, with a price tag of approximately $15 billion. The facility is expected to produce 10 million tons of steel annually once fully operational by 2030 and will create 1,750 permanent jobs and 5,000 to 6,000 construction jobs in Iowa.
The iron ore to feed the Iowa steel plant will come directly from Mesabi Metallics’ mine on Minnesota’s Mesabi Iron Range — creating what the company describes as “100% American steel: mined, melted and poured in Minnesota and Iowa.”
Combined with the $2.5 billion already invested in Minnesota, the total investment between the two states reaches approximately $18 billion — one of the largest private industrial investments in American history by a single company.
The U.S. Export-Import Bank will issue up to $10 billion in financing for the Iowa expansion. Trump was joined in the Oval Office by Mesabi CEO Joe Broking, Chairman Rewant Ruia, Commerce Secretary Howard Lutnick, Energy Secretary Chris Wright, and Export-Import Bank Chairman John Jovanovic.
Rewant Ruia called it a “true homecoming” and said: “This is a defining moment for American steel and a transformative milestone for Mesabi Metallics.” He described the strategy as building an American supply chain “from mine to mill.”
Why Is an Indian Company Building America’s Biggest Steel Plant?
This is the question on many people’s minds — and the answer is rooted in Trump’s 50% tariffs on foreign steel imports.
Trump explained it directly in the Oval Office: “Soon after my inauguration, I imposed powerful 50% tariffs on all foreign steel, and now our steel industry is roaring back to life.
Everyone’s building their plant here because they don’t want to pay tariffs.” The tariffs effectively made it more financially attractive for global steel and mining companies to produce steel inside the United States rather than import it and pay a 50% tax on every ton.
For Essar Group and Mesabi Metallics, the calculus was clear. They already owned the Minnesota iron ore mine. The Iowa steel plant would complete the domestic supply chain and allow them to sell American-made steel at competitive prices — benefiting from the very same tariffs that were designed to protect American manufacturers from foreign competition.
The Mesabi Royalty: A Separate Financial Layer
One important detail that most coverage of Mesabi Metallics misses is a separate financial layer involving production royalties.
Metals Royalty Co. Inc. acquired the Mesabi Royalty in June 2026 for total consideration of $132.5 million (paid as $125 million in cash plus company shares) from a company called Ironclad.
This royalty gives Metals Royalty an indexed gross production revenue payment on every DR Grade Iron Ore Pellet produced from the Mesabi Property — meaning they receive a slice of revenue from every pellet that comes out of the Minnesota mine.
This is a royalty arrangement, not ownership — Essar Group and the Ruia family still own and operate Mesabi Metallics entirely. Metals Royalty simply has a financial claim on a portion of production revenue.
Frequently Asked Questions (FAQs)
Q1. Who owns Mesabi Metallics in 2026?
Mesabi Metallics is owned by Essar Group, an Indian industrial conglomerate controlled by the Ruia family, specifically led by Ravi Ruia and his son Rewant Ruia (Chairman of Mesabi Metallics).
Q2. Is Mesabi Metallics an Indian company?
Mesabi Metallics is a U.S.-based company headquartered in Nashwauk, Minnesota, but it is owned and controlled by India’s Essar Group, making it a subsidiary of an Indian conglomerate.
Q3. What did Trump announce about Mesabi Metallics?
On September 28, 2026, President Trump announced Mesabi Metallics will build a $15 billion steel plant in Iowa — billed as the “largest steel plant in American history” — expected to produce 10 million tons of steel annually by 2030.
Q4. What happened to Essar Steel Minnesota?
Essar Steel Minnesota LLC filed for Chapter 11 bankruptcy in 2016 after accumulating about $1 billion in debt. It emerged from bankruptcy in 2017 under the new name Mesabi Metallics, with restructured ownership still under the Essar Group.
Q5. Who is Rewant Ruia?
Rewant Ruia is the Chairman of Mesabi Metallics and the son of Essar Group co-founder Ravi Ruia — representing the third generation of the Ruia family in the business.
Q6. Where is Mesabi Metallics located?
Mesabi Metallics is based in Nashwauk, Itasca County, Minnesota, operating on Minnesota’s historic Mesabi Iron Range with its iron ore mine and pellet plant approximately 85.5% complete as of January 2026.
Q7. How much has Essar invested in the U.S. through Mesabi Metallics?
Essar Group has invested more than $2.5 billion in the Minnesota iron ore mine, with the new Iowa steel plant bringing the total U.S. investment to approximately $18 billion.
Q8. When will Mesabi Metallics begin production?
The Minnesota iron ore pellet plant is targeted to begin first production in the fourth quarter of 2026, while the Iowa steel plant is expected to begin production by 2030.