Trump announces planned $15 billion steel plant in Iowa

President Donald Trump announced Monday that Mesabi Metallics plans to build a roughly $15 billion steel plant in eastern Iowa, with production targeted to begin in 2030.

The company, owned by India-based Essar Group, says the facility will use iron ore from its mine on Minnesota’s Iron Range. Mesabi has invested more than $2.5 billion in that mine, which recently began production after years of delays and a 2016 bankruptcy involving the company previously developing it.

The Iowa plant’s first phase is expected to produce about 7.5 million tons of steel annually, eventually rising to 10 million tons. White House estimates put construction employment at 5,000 to 6,000 jobs, with at least 1,700 permanent manufacturing and mining positions. The Guardian reported that the U.S. Export-Import Bank will provide up to $10 billion in financing.

Trump called the project the largest steel plant in U.S. history and credited his administration’s tariffs on imported steel with encouraging domestic investment. Commerce Secretary Howard Lutnick described the plan as a “done deal.” Mesabi Chairman Rewant Ruia said most critical materials would come from the United States, though some materials needed to produce and refine high-quality steel might be imported.

The announcement came weeks before the November midterm elections, as Iowa Republicans face a competitive Senate race. Republican Senate candidate Ashley Hinson and other Iowa officials joined Trump and company executives in the Oval Office.