President Donald Trump is set to announce a new $15 billion steel plant project in Iowa, according to a White House official. The project, to be undertaken by Mesabi Metallics, represents a significant investment in the U.S. steel industry and is slated to be the first new mega-steel plant constructed in the country since the 1960s.
Production at the Iowa facility is expected to commence in 2030, with the plant eventually producing 10 million tons of steel annually, positioning it as one of the largest steel producers in the United States. The company has also invested $2.5 billion in a new iron ore mine in Minnesota, designed to produce 7.5 million tons of iron ore each year. This integration from mining to finished steel aims to strengthen U.S. supply chains, according to the White House official.
The new mine is anticipated to create 350 jobs in Minnesota, while the Iowa steel plant is expected to generate approximately 1,750 jobs. A White House spokesperson stated that the announcement underscores the President's efforts to revitalize the U.S. steel industry, support local communities, strengthen supply chains, and enhance national security.
Executives from Mesabi Metallics, along with Secretary of Commerce Howard Lutnick, Executive Director of the National Energy Dominance Council Jarrod Agen, and John Jovanovic, chairman of the U.S. Export-Import Bank, are expected to attend the announcement event. The Wall Street Journal initially reported details of the project.
Mesabi Metallics is reportedly backed by Essar Group, an Indian multinational conglomerate. The company had previously proposed a similar mine and mill project 20 years ago, which ultimately did not proceed. The Wall Street Journal also noted that the mining project had previously filed for bankruptcy a decade ago.