The South Australian town of Whyalla is forecast grow fourfold with British industrialist Sanjeev Gupta unveiling plans for the biggest steelworks in the western world.
Other developments have also been detailed for the regional centre that has struggled in recent years, including a new $45 million hotel, a $145 million horticulture operation and an organic recycling business.
Mr Gupta says his proposed new plant, which is subject to a feasibility study, could export up to 10 million tonnes each year and will be built to double production over time.
"This will see a new generation of steelmakers proudly competing on the world stage and reflects our desire to transform Whyalla into both an Australian and global powerhouse of industry for generations to come," the billionaire said in Whyalla on Monday.
Mr Gupta also outlined a $600 million expansion of Whyalla's existing steel mill to lift annual production to 1.8 million tonnes.
Whyalla Mayor Clare McLaughlin said the steel expansion was a once-in-a-lifetime opportunity for the city.
"This is a major boost for our long-term outlook and gives Whyalla City Council and other industries and businesses more confidence to be able to plan for the future," Ms McLaughlin said.
It's suggested the expansion could boost Whyalla's population from about 20,000 to about 80,000.
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