President Donald Trump is set to announce a major investment plan by Mesabi Metallics to build the largest steel plant in U.S. history, located in Iowa, with an estimated cost of $15 billion. This announcement, scheduled for 2 p.m. ET, comes at a politically sensitive time, just weeks before the November midterm elections, amid growing concerns about Trump's economic management.
The plant aims to begin production in 2030 and is expected to produce 7.5 million tons of steel annually, eventually ramping up to 10 million tons, while creating approximately 1,750 permanent jobs and supporting 6,000 construction jobs. Mesabi Metallics, part of the Essar Group, will utilize iron ore from its Minnesota mine, which has faced significant delays and challenges over the years.
Trump's administration has previously implemented heavy tariffs on steel imports, which critics argue have inflated domestic steel prices but have also been credited by some industry groups with spurring $47 billion in investments.
The announcement is framed by the White House as part of Trump's broader strategy to revitalize American manufacturing and secure national interests, with officials emphasizing the importance of restoring industrial competitiveness in the U.S