Algoma Steel (ASTL) fell 2.4% post-market Thursday after warning it expects to report a sharp decline in Q3 steel shipments due to the impact on production caused by a turbine outage.
The Canadian steel producer guided for Q3 steel shipments of ~145K
Wigan Warriors hooker Brad O’Neill has won the 2026 Steve Prescott MBE Man of Steel, the first time he has been given the honour.
The 24-year-old England hooker beat his Wigan team-mate Adam Keighran and Leeds full-back Lachie Miller to win the award.
O’Neill has been at the heart of an impressive Wigan side which won the Challenge Cup and League Leaders’ Shield in 2026.
He made 31 appearances in all competitions and was also named Rugby League Writers and Broadcasters Association Player of the Year.
O’Neill was sin-binned in last year’s Super League Grand Final for a wayward tackle on Tyrone May, however he inspired Wigan to two trophies, after a season without silverware in 2025.
It was a memorable night for the Warriors with Matt Peet also named Betfred Super League Coach of the Year having guided his side to the League Leaders’ Shield and Challenge Cup.
Wigan earned a clean sweep in the final three shortlist for the Woman of Steel award as Eva Hunter, Jenna Foubister and Megan Willams were all nominated, with Foubister taking the prize.
It was the second year in a row that three Wigan players were shortlisted, however this year the Warriors missed out on adding the Women’s Super League title to their Women’s Challenge Cup and League Leaders’ Crowns after they were beaten by York Valkyrie on Sunday.
Meanwhile, Halifax Panthers’ Rob Hawkins won the Wheels of Steel award.
As US President Donald Trump announced a $15bn steel megaplant while seated at his Oval Office desk on Monday, he had a lineup of mostly US politicians standing behind him – from cabinet members to elected representatives from Iowa, where the mill is to be built. There was one exception: an Indian man with a receding hairline and a lilac pocket handkerchief, standing behind the US president’s right shoulder.
Ravi Ruia is a cofounder of the Essar Group, which owns Mesabi Metallics, the Minnesota-based firm that’s building the steel mill, which is expected to be the United States’s largest once it is complete. A decade earlier, in October 2016, his brother Shashi was in the photo frame with a different president during the signing of another major deal: Russian leader Vladimir Putin.
Steel and metallics aren’t Essar’s only association with minerals and natural resources. The conglomerate had been involved for years with oil, before it sold one of India’s largest private oil refineries to a Russian-led consortium in 2016 for nearly $13bn. Essar Oil was rebranded as Nayara Energy.
Today, Nayara Energy is half-owned by Russian gas major Rosneft, which is under heavy US and European sanctions over Moscow’s war on Ukraine. Nayara has also emerged as a supplier of petroleum products to Russia at a time when the country is facing a fuel crisis following multiple Ukrainian attacks on its oil and gas depots.
And as part of a 99-year deal, Nayara is continuing to use Essar’s branding in India, where the company runs thousands of petrol stations. Nayara is under European Union sanctions.
The White House is touting the Iowa steel project, unveiled just before the US midterm elections, as a major economic win for Americans, promising hundreds of jobs and billions of dollars in revenue. And there is no evidence that the steel project is in violation of any Russia-specific US sanctions.
But Trump’s announcement of a mega project with an Indian firm closely tied to Russian investments under Western sanctions underscores how the US has struggled to isolate Moscow economically despite an unprecedented economic pressure campaign.
And the timing of the steel mill announcement raises questions, because it comes days after Trump signed a law that empowers him to punish countries that buy Russian oil with up to 100 percent tariffs. India is Russia’s second-largest oil buyer. But the legacy Indian conglomerate that best epitomises the country’s links to Russian energy is now also behind the US’s biggest steel factory.
Rewant Ruia, left, chairman of Mesabi Metallics, and Ravi Ruia, centre, board member of Mesabi Metallics and director of Essar Capital, listen as US President Donald Trump delivers remarks in the Oval Office at the White House on September 28, 2026, in Washington, DC [Kevin Dietsch/Getty Images]
What’s the steel factory project about?
The new project would integrate its iron ore mining operations in Minnesota’s Mesabi Iron Range with the upcoming steel complex in Iowa.
The White House and the company’s announcements said that the Iowa steel plant is expected to create at least 1,750 permanent jobs – “while continuing to work with suppliers and businesses throughout Iowa and the Midwest” – and support up to 6,000 construction jobs.
Washington also noted that the mill will produce 7.5 million tonnes of steel per year in its first phase, expected to rise to 10 million tonnes. First steel production is expected in 2030.
The first phase of the project is expected to generate $95bn in total economic impact during construction and its first 10 years of operation, according to the White House.
Trump’s commerce secretary, Howard Lutnick, told the reporters that “these are your 232 tariffs, the steel tariffs at work.” He added: “Without those tariffs, this mine and steel plant doesn’t get built.”
Trump chipped in, too. “Soon after my inauguration, I imposed powerful 50 percent tariffs on all foreign steel, and now our steel industry is roaring back to life,” Trump said. “Everyone’s building their plant here because they don’t want to pay tariffs.”
But the steel project is also evidence of how countries and companies have skirted US economic pressure – and how it gives them leverage to continue to do so.
An Essar petrol station with pumps showing no fuel in Stanley, County Durham, UK, September 27, 2021 [Lee Smith/Reuters]
What are Essar’s ties to Russia?
Essar Oil, the group’s energy arm, began refining crude in 2008 at its refinery in Vadinar on the coast of the western Indian state of Gujarat.
But by 2016, the company was in deep debt, listed as a defaulter by the Reserve Bank of India, the country’s central bank, and desperately looking for a buyer who would take over its oil operations. The timing was opportune. President Putin in Russia was at the time trying to get Rosneft, his country’s energy giant, to offload some stakes in exchange for foreign capital.
Indian Prime Minister Narendra Modi played matchmaker, helping stitch together a series of deals between 2014 and 2016 that helped Rosneft and Essar. First, Indian public sector oil majors bought stakes in Rosneft, giving it the cash it needed. Rosneft, in turn, joined hands with other investors to buy the Vadinar refinery, freeing Essar from its debts.
Essar Oil became Nayara Energy – a company in which Rosneft owns a 49 percent stake, and United Capital Partners, a Russian asset management company, owns another 49 percent. The buyers paid Essar $12.9bn for the deal. As part of the agreement, Nayara got to use Essar’s branding – including on thousands of petrol stations across India – for 99 years.
Logo of Nayara is seen at its fuel station on the outskirts of Ahmedabad, India, November 16, 2022 [Amit Dave/Reuters]
Is Nayara under Western sanctions?
Yes. The European Union imposed sanctions on Nayara in July last year as part of the broader 18th package of sanctions against Russian oil.
The sanctions banned the import of petroleum products processed using Russian crude oil and restricted the refinery’s access to EU shipping insurance, as well as financial and other services.
Nayara’s Vadinar refinery in western India has been processing only Russian oil since other suppliers backed out following the sanctions. Since then, Nayara has relied on international traders to import crude and export refined fuels.
In July this year, Nayara Energy sold petroleum to Russia as Ukrainian attacks targeted oil refineries across the country, triggering a fuel crisis.
In recent months, Ukrainian forces have targeted Russian oil facilities, setting them ablaze and causing long lines for fuel across the country, including in the capital, Moscow. The fuel crisis, unprecedented for Russia, a country that is one of the world’s biggest energy producers, has led to rationing in many regions.
These Russian links have brought Nayara Energy under wider scrutiny, prompting companies, including SAP, to suspend services to the refiner, citing sanctions and obligations under EU law.
Nayara challenged the move in the Delhi High Court, which ordered SAP India to restore its services earlier this month.
Are Essar or the steel plant violating any sanctions?
While Nayara is under EU sanctions, Essar does not face any US or EU sanctions.
In October 2016, after Essar struck its deal with Rosneft and United Capital Partners to sell the Vadinar refinery, the US – at the time under the Barack Obama administration – said that the agreement was not in violation of any sanctions.
“I don’t think we see any violation of any US-EU sanctions stemming from this deal,” State Department spokesperson Mark Toner said at the time. Essar also said that the deal was compliant with US sanctions.
There is no evidence of any sanctions breach in Essar’s investment in Mesabi, or in the planned investment to set up the steel factory in Iowa.
But Essar’s relations with Russia have nevertheless attracted scrutiny, including in the United Kingdom, where the Ruia brothers have long had major investments.
At the time of the sale of the Vadinar refinery to Russian buyers, the Russian bank VTB also gave Essar a $3.9bn loan for debt reconstruction.
The bank was hit by major US and EU sanctions in February 2022, right after Russia’s full-fledged invasion of Ukraine. Essar, reporting published in April 2026 by The Guardian and investigative journalism platform SourceMaterial, showed, moved the VTB loan to Mauritius, a tax haven, allegedly to avoid the sanctions. Essar owns the Stanlow oil refinery in the UK.
US President Donald Trump waves as he walks to board Marine One as he departs from the South Lawn of the White House in Washington, DC, on September 26, 2026 [AFP]
Why is the timing of the steel plant announcement significant?
Trump’s Republican Party is heading for crucial midterm congressional elections in November, while his approval rating has been plumbing all-time lows in the face of voter concerns about inflation, the cost of living, and the war on Iran.
In his second term, Trump has made tariffs and a revival of US manufacturing a cornerstone of his economic vision, claiming that higher barriers to imports will drive investment back to the US.
Moreover, Washington introduced legislation that would allow the president to impose tariffs of up to 100 percent on imports from countries that continue economic engagement with Russia or Iran, aiming to put pressure on countries that continue buying Russian energy.
New Delhi is particularly exposed since it became one of the largest buyers of discounted Russian crude after the invasion of Ukraine in 2022. Trump imposed an additional 25 percent tariff on Indian imports in 2025 over the issue, before removing it in February 2026 after India committed to stop buying Russian crude.
Russia has remained India’s largest source of crude, although purchases have declined as the threat of US penalties has grown. The news agency Reuters reported that India imported approximately 2.1 million barrels per day of Russian crude in August.
There is also a recent parallel to underscore the incentives for investment in Trump’s US. In May this year, Washington moved to dismiss the criminal fraud and bribery charges against Indian billionaire Gautam Adani, while his lawyers had told the Justice Department that Adani was prepared to invest $10bn in the United States. A federal judge subsequently dismissed the criminal case in August.
Amid tight Iowa midterm races, President Trump emphasises steel industry revival with project announcement.
Published On 28 Sep 202628 Sep 2026
Just weeks before the midterm elections, United States President Donald Trump has announced that a Minnesota-based steel manufacturer intends to build a $15bn steel mill project in Iowa, as the White House tries to highlight its focus on domestic manufacturing.
On Monday, joined by executives from Mesabi Metallics, which recently opened Minnesota’s first new iron ore mine in 50 years, Trump announced the project. It is expected to begin production in 2030 and could bring more than 1,700 jobs to the region, with an initial production capacity of 7.5 million tonnes per year.
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The first phase of construction for the project will generate 5,000–6,000 construction jobs, a White House official told Al Jazeera.
The plant in Iowa will use iron ore from the Mesabi Iron Range in nearby Minnesota. Mesabi, which is owned by Indian conglomerate Essar Group, invested more than $2.5bn to build the mine in Minnesota.
“President Trump is delivering on his promise to rebuild American industry, re-shore manufacturing, and create new jobs. Today’s announcement underscores the president’s historic efforts to revitalize the US steel industry—supporting local communities, strengthening supply chains, and protecting our national security,” White House Spokeswoman Taylor Rogers said in a statement to Al Jazeera.
The steel industry has loomed over the first half of Trump’s second term in office. The president imposed 50 percent tariffs on steel and aluminium imports last year in an effort to boost domestic production, but also threatened to increase prices of products that use those materials, from soda cans to washing machines to cars.
“These are your 232 tariffs, the steel tariffs at work. Without those tariffs, this mine does not get built, and this steel plant does not get built”, US Commerce Secretary Howard Lutnick said in the Oval Office on Monday.
Trump also solidified the US government’s stake in US Steel, which was acquired by Japan’s Nippon Steel in June 2025. As part of the deal, the US government received a so-called “golden share”, which gives the president the authority to appoint a board member to weigh in on decisions that would impact domestic steel production.
Midterm stakes
The announcement comes a little more than a month ahead of the US midterm elections, and the economy is top of mind for US voters.
Among Republicans, Trump is losing steam on his handling of economic issues, with a new September 21 Ipsos poll finding that 56 percent approve of his handling of the economy, down from 80 percent.
Iowa is in play as a seat Democrats could flip in the midterm elections, with Republican Ashley Hinson facing Democrat Josh Turek in November and with polls suggesting a tight race.
Hinson joined the president in the Oval Office for the announcement.
A poll conducted by the Republican-aligned pollster the Trafalgar Group showed Hinson with a two-point lead, while an InsiderAdvantage poll, which is considered more nonpartisan, found Turek leading by two points.