Trump Announces $15 Billion Iowa Steel Mill as Largest in U.S. History

President Trump said Monday that Mesabi Metallics will build a $15 billion steel mill in Iowa, calling it “the largest steel plant in American history” and “the largest plant in America by far.” The Oval Office event included Mesabi Chairman Rewant Ruia, CEO Joe Broking, Commerce Secretary Howard Lutnick, and Export-Import Bank Chairman John Jovanovic. The White House said the mill will use iron ore from Mesabi’s newly opened mine in Nashwauk, Minnesota — described as the first new U.S. iron-ore mine in 50 years — and complete a domestic chain from mine to mill. “This steel will be mined, melted, and made right here in the USA,” Trump said.

First-phase capacity is listed at 7.5 million tons of steel a year, rising to about 10 million tons. Production is targeted for 2030. The White House projected 1,750 permanent Iowa jobs, up to 6,000 construction jobs, and $95 billion added to the U.S. economy over a decade. The Minnesota mine is expected to produce about 7.5 million tons of ore a year and about 350 jobs. Mesabi, owned by India’s Essar Group, has already put more than $2.5 billion into the mine. EXIM earlier this month said it would finance $10 billion for mine expansion. Mesabi called the Iowa product “100% American steel: mined, melted and poured in Minnesota and Iowa.” Ruia said ore would move on American railroads to a plant “powered by American energy.” The White House said the mill can supply high-grade steel for defense.

Iowa officials have pointed to Lee County in the southeast as the likely site. Lawmakers have discussed a special session for tax incentives. Asked whether the project depends on those breaks, Lutnick said, “The deal is done. They’ve already worked it out.” Rep. Mariannette Miller-Meeks said the plant means “more than 1,700 permanent, good-paying jobs” in Lee County. Gov. Kim Reynolds and Attorney General Brenna Bird welcomed the announcement. The White House released industry figures it tied to tariffs and permitting: about 6,000 steel jobs added after nearly 10,000 lost under the prior administration; domestic mills at 84 percent of the finished-steel market, up from 77 percent in 2024; record July mill orders of $17.3 billion and shipments of $16.9 billion; and eight straight months of manufacturing expansion. Steelmaking would not start until 2030. The midterms are five weeks away. Trump said he would campaign in Iowa.