The Ruia family, which previously built Essar Steel into one of India’s largest privately owned steel businesses, is preparing for a major return to the industry with an ambitious project in the United States.
The proposed venture in Iowa is expected to involve investments of around $18 billion, including a planned $15 billion steel plant designed to produce up to 10 million tonnes of steel annually. The project is also linked to an iron-ore mine in Minnesota, for which financing has reportedly already been secured.
The development could create around 1,750 permanent jobs, along with thousands of additional employment opportunities during the construction phase. The project reflects the Ruias’ strategy of building an integrated steel operation with access to its own raw material supply.
The Ruia family’s business journey began in 1969, when Ravi Ruia and his late elder brother Shashi Ruia established a construction and pipeline company in Chennai. The business subsequently expanded into the Essar Group, which developed interests across steel, oil refining, shipping, power, telecom and infrastructure.
Essar Steel later entered India’s insolvency process in 2017, with ownership changing in 2019. Nearly a decade later, the family is pursuing a fresh steel opportunity in the US.
The proposed Iowa project marks a significant shift in geography for the Ruias as they seek to establish a new steel manufacturing base and build on their earlier experience in the sector.
