The American company Mesabi Metallics announced on Monday at the White House that it will build a fully integrated steel company with a plant in Iowa for a total investment of $18 billion to combine its iron ore production and new steel production. $3 billion will be invested in the completion of the iron ore mine in Minnesota, and $15 will be allocated for the construction of the plant.
The company says that 6,000 jobs will be created during construction, including 1,750 full-time employees at Vostochny, and their economic turnover will amount to $95 million over the first 10 years. And once production starts, the plant will produce 7.5 million tons of steel per year.
U.S. Commerce Secretary Howard Lutnick said the Iowa plant would not receive direct federal support, but the board of the Export-Import Bank of the United States (EXIM) approved it. direct loan of $770 million to Mesabi Metallics for the construction of a mine in Minnesota
.Joe Brocking, Chief Executive Officer of Mesabi Metallics, is quoted by the media as saying: "This is an important moment for US made steel, which combines high-quality direct reduction iron ore pellets from Minnesota cast iron with the most advanced DRI to EAF steel production technology in Iowa, which allows us to supply high-quality, all-American steel for our national defense, car and truck manufacturing, shipbuilding, household appliances, energy, and infrastructure depends on."
Mesabi Metallics is an iron ore producer from Minnesota, supported by the Indian Essar Group.
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