President Donald Trump announced Monday that Mesabi Metallics, a Minnesota-based company owned by India's Essar Group, will build a $15 billion steel plant in eastern Iowa. Trump made the announcement at the White House alongside steel industry executives and Iowa Republican leaders.
The plant is expected to begin steel production in 2030 and will be the largest of its kind in U.S. history, according to a White House official. Once fully operational, it is projected to produce 10 million tons of steel annually. Initial production capacity is expected to reach 7.5 million tons per year, with potential for expansion.
The project is anticipated to create approximately 1,750 permanent jobs in Iowa, with wages exceeding $49 per hour according to the office of Rep. Mariannette Miller-Meeks. Construction is expected to generate roughly 6,000 temporary jobs.
Mesabi Metallics recently invested $2.5 billion in a new 7.5 million-ton iron ore mine in Minnesota, marking the state's first new iron ore facility in 50 years. Company executives were present at the White House announcement alongside Trump.
White House Deputy Press Secretary Taylor Rogers said in a statement that the announcement "underscores the President's historic efforts to revitalize the U.S. steel industry—supporting local communities, strengthening supply chains, and protecting our national security."
The announcement comes as Trump seeks to energize voters ahead of competitive midterm races in November, including difficult contests for Iowa's governor and Senate seats. The Wall Street Journal first reported the announcement.
Trump stated at the Oval Office that the plant "will produce some of the highest quality, most affordable steel anywhere in the world" using advanced steelmaking technology. He noted that construction has already begun on the project.