Trump Announces $15 Billion Steel Mill in Iowa

President Donald Trump has unveiled plans for a $15 billion steel mill in Iowa, projected to produce around 10 million tons of steel annually and create thousands of new jobs.

“This steel will be mined, melted and made right here in the USA, which is something very unusual,” Trump stated in the Oval Office on Monday.

At the announcement, Trump was accompanied by several officials, including Commerce Secretary Howard Lutnick, U.S. Representative Mariannette Miller-Meeks (R-Iowa), Energy Secretary Chris Wright, and Joe Broking, CEO of Mesabi Metallics, the company overseeing the plant’s construction. Rewant Ruia, its chairman, was also present.

A White House official, as reported by a news outlet, mentioned that the plant aims to kick off production by 2030. Trump emphasized that it would produce high-grade steel to meet defense industry needs, describing it as “the highest quality, most affordable steel.”

Steel’s significance extends beyond the defense sector; it’s a crucial material in the oil and gas industries and essential for manufacturing both traditional and electric vehicles.

Trump noted that the project is set to create up to 6,000 construction jobs, nearly 2,000 manufacturing and mining jobs, and contribute an additional $95 billion to the U.S. economy. He highlighted that the U.S. is investing in “$21 trillion worth of plants,” not including the plans for Iowa.

Mesabi Metallics has recently made a significant investment of roughly $3 billion in a new iron ore mine in Minnesota, expected to commence operations soon. This mine will yield about 7.5 million tons of iron annually and generate around 350 jobs in Minnesota, with 200 jobs reportedly already created, according to local media. The iron produced will be utilized for steel production at the new Iowa plant.

Mesabi is affiliated with the Essar Group, a conglomerate based in India.

In June 2025, Trump raised tariffs on foreign steel and aluminum from 25% to 50%, a move he reinstated when he returned to office. This latest steel facility represents a continued effort from his administration to bolster American manufacturing in essential sectors.

“President Trump is delivering on his promise to rebuild American industry, reshore manufacturing, and create new jobs,” said White House spokesperson Taylor Rogers in a statement.

“Today’s announcement underscores the President’s historic efforts to revitalize the U.S. steel industry—supporting local communities, strengthening supply chains, and protecting our national security,” she added. “After decades of decline, this President is restoring America’s industrial competitiveness and securing trillions of dollars in new investment.”