Trump to announce $15 billion Iowa steel plant by Mesabi Metallics

President Donald Trump is expected to announce Mesabi Metallics’ plan to build a $15 billion steel plant in eastern Iowa, which the White House says would be the largest in U.S. history. Production is targeted to begin by 2030, with an initial annual capacity of 7.5 million tons and potential expansion to about 10 million tons, using iron ore from the company’s Minnesota mine. The vertically integrated mine-and-plant operation represents nearly $18 billion in combined investment and is projected to create 1,750 permanent Iowa jobs and 5,000 to 6,000 construction jobs. The project is intended to strengthen domestic steel supply and support defense needs. Iowa lawmakers may be asked to approve tax incentives, and the announcement comes shortly before midterm elections as economic concerns weigh on Republicans.