Trump to announce $15 billion Iowa steel plant by Mesabi Metallics

President Donald Trump is set to announce Mesabi Metallics’ plan for a roughly $15 billion steel plant in eastern Iowa, which the White House says would be the largest in U.S. history. The facility would use iron ore from the company’s Minnesota mine, creating a domestic mine-to-steel supply chain; the mine and plant’s first phase represent nearly $18 billion in investment. Production is expected to begin in 2030, with initial annual output of 7.5 million tons and potential expansion to 10 million tons. The project is projected to create 1,750 permanent jobs in Iowa and 350 in Minnesota, plus 5,000 to 6,000 construction jobs. It is intended to strengthen domestic steel supply and support defense needs. The announcement comes ahead of midterm elections as the administration promotes domestic manufacturing, and Iowa lawmakers may need to approve tax incentives.