A new federal loan provides the funding necessary for the Essar Group's iron ore extraction in Minnesota. The US Export-Import Bank approved $770M in financing, establishing the US government as the principal lender for the mine. This site will support the first new "mega-steel" plant in the US since the 1960s: a $15B facility in Iowa, operated by Mesabi Metallics, that President Trump projects will output 10 million tons of steel annually starting in 2030.

The investment comes amid scrutiny of Essar's ties to Russia and a prior 2016 bankruptcy after the firm spent $1.9B on a separate Minnesota project that it left unfinished. The administration credits 50% steel tariffs for making the $2.5B mine and subsequent plant viable. The Iowa project is expected to generate 1,750 permanent jobs and up to 6,000 construction positions while adding an estimated $95B to the US economy over the next decade.