Mesabi Metallics says the planned facility could produce 10 million tons of steel annually once fully built out.
President Donald Trump announced plans Monday for a $15 billion steel plant in Iowa that the company behind the project says could become one of the largest steelmaking facilities in the United States.
The plant is being developed by Mesabi Metallics, a Minnesota-based company owned by India’s Essar Group. According to the announcement, the facility is expected to produce as much as 10 million tons of steel a year after it is fully built out, with production projected to begin in 2030.
The project would be supplied by a new $2.5 billion iron-ore mine along Minnesota’s Mesabi Iron Range. The White House said the steel would be produced domestically from mining through finished production.
President Trump credited his administration’s 50% tariffs on imported steel with encouraging new domestic investment. Mesabi executives said the project is intended to supply steel used in national defense, vehicles, shipbuilding, energy, appliances and infrastructure.
The announcement was made at the White House with company executives and Iowa officials. Details on the plant’s exact Iowa location, construction schedule and employment totals were not immediately included in the announcement reported Monday.
