Trump to Announce Planned $15 Billion Iowa Steel Plant
Mesabi Metallics expects production to begin in 2030, with the project potentially creating 1,750 permanent jobs and 6,000 construction positions.
President Donald Trump is scheduled to announce a planned $15 billion steel plant in Iowa on Monday, a project that would be the largest of its kind in U.S. history and expand domestic industrial capacity.
Mesabi Metallics expects the facility to begin production in 2030. Its first phase is projected to produce about 7.5 million tons of steel annually and support as many as 6,000 construction jobs. The plant is eventually expected to reach 10 million tons of annual output and create at least 1,750 permanent positions.
The company plans to use iron ore from its mine in Minnesota’s Iron Range. That mine, a more than $2.5 billion project, has only recently begun production after roughly two decades of development.
Trump’s Oval Office announcement is scheduled for 2 p.m. ET (18:00 UTC). Mesabi Metallics Chairman Rewant Ruia and CEO Joe Broking are expected to attend, along with Commerce Secretary Howard Lutnick and Export-Import Bank Chairman John Jovanovic.
The investment comes after the administration imposed 50% tariffs on imported steel and aluminum, making domestic production and supply-chain expansion central to its manufacturing agenda.
