00:00Presidente Abbey-Metallix, the leaders are here, the owner is here, one of the richest men in the world, I
00:07will tell you, he's unbelievable with the sun, and please.
00:15Thank you, Mr. President, for bringing back the importance of building things in America.
00:21While I was born in India, I went to high school in New York, college in Boston, and did my
00:26MBA in California.
00:27I have spent half my life here, so announcing this investment today is a great honor and a true homecoming
00:32for me.
00:34My family and I spend a lot of time in Minnesota, where we are investing $3 billion to build the
00:39first new mine in America in 50 years.
00:42We will be producing the Patriot pellet very soon, which will be amongst the highest quality iron ore pellets in
00:48the world.
00:49With the new steel complex in Iowa, we will complete the fully integrated American supply chain from mine to mill.
00:58American ore carried on American railroads to an American steel plant powered by American energy, built and operated by an
01:07incredibly hardworking and talented American workforce.
01:10Mr. President, this plant will use the latest technology and will compete head-to-head with any steel plant in
01:17the world on size, quality, and on cost.
01:21This project rides the next chapter for our company and our family, and it is your policy and your own
01:26leaderships, Mr. President, that it made this possible.
01:29Thank you, sir.
01:30So, honey, your handsome son, too.
01:32Don't try and compete with him.
01:34You're not going to be successful if you want to compete.
01:36Go ahead.
01:37What a great family.
01:38What a good job you did.
01:39Thank you, sir.
01:40Thank you very much.
01:41Mr. President, Governor Reynolds, the entire Iowa delegation, Secretary Luttick, Secretary Wright, and Chairman Jovanovic.
01:52My brother Shashi and I founded SR many decades ago.
01:57We are a family business, and above all, we are builders.
02:01We have built world-class steel plants, oil refineries, ports, power plants, and various other assets in India and overseas.
02:13Mr. President, we have now chosen to build our next major chapter here in America.
02:19We have the expertise of building projects like the proposed steel plant in Iowa, and we look forward to complement
02:27all the excellent knowledge that already exists within the American steel industry with our own expertise.
02:34I would like to acknowledge the support of your administration, which has been highly engaged and proactive.
02:42I would like to thank Governor Reynolds, as well as the Iowa delegation, for making us feel welcome in Iowa,
02:49and for the care for the benefit of all Iowans as they support this mega investment.
02:56Thank you, Mr. President, for your leadership and your confidence in SR and the RUYA family.
03:03Thank you again, sir, for standing behind American investment and American industry, and for making this possible.
03:10Thank you, sir.
03:11Thank you.
03:12Great job.
03:12And what do you think the total cost will be?
03:15Your investment will be?
03:17About $18 billion.
03:18$18 billion.
03:19$18 billion.
03:20I heard $20.
03:21That means you're going to go.
03:23He's pulling it back.
03:25Now you've got a good price.
03:27So it's $18 billion.
03:29That's fantastic.
03:29Who could think of such a thing?
03:31It's so fantastic.
03:33And these are the highest quality people you'll ever meet.
03:36It's great.
03:36Kim Reynolds, please.
03:38Well, first of all, Mr. President, I want to say thank you to you, your commitment to bringing in.
03:46Thank you.
