Washington, Sept. 29 (SANA) U.S. President Donald Trump has announced plans for a $15 billion steel plant in Iowa, describing the proposed facility as the largest in U.S. history.
Minnesota-based Mesabi Metallics plans to build the plant using iron ore from its mine on Minnesota’s Iron Range, the Associated Press reported. The company is part of India’s Essar Group.
Production is projected to begin in 2030. The first phase is expected to produce about 7.5 million tons of steel annually, with capacity eventually rising to 10 million tons, CNBC reported, citing a White House official. The project could support up to 6,000 construction jobs and at least 1,750 permanent jobs, according to White House estimates.
The Minnesota mine, which is beginning production after years of delays, has cost more than $2.5 billion, CNBC reported. The Guardian reported that the U.S. Export-Import Bank would provide up to $10 billion in financing for the expansion.
Trump announced the project on Monday at the White House alongside Mesabi executives and Iowa Republican officials. The announcement comes ahead of November’s congressional midterm elections, when control of Congress will be at stake.
Trump credited his tariffs on imported steel with encouraging companies to invest in U.S. production. Steel industry groups have backed the tariffs, saying they have driven investment, while critics say the duties have contributed to higher U.S. steel prices.
Trump said on August 24 that tariffs on steel imported from Canada would rise to 50% on January 1, 2027.
The Iowa plant’s production capacity, employment figures and start date remain projections for a facility that has yet to begin producing steel.
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