WASHINGTON (AP) — President Donald Trump on Monday announced a new $15 billion steel plant being built in Iowa, highlighting an economic victory in a key battleground state where Republicans face competitive midterm races. Trump revealed the new plant at an Oval Office event alongside steel executives and Iowa Republicans, including two running for office.
The new steel plant is being built by Mesabi Metallics, a Minnesota company owned by India's Essar Group, an industrial conglomerate. Trump said the project will become the largest steel plant in the United States. It is expected to produce 10 million tons of steel a year after it's fully built out.
Mesabi Metallics CEO Joe Broking called the announcement a "major moment for U.S.-made steel," saying the factory would be supplying a critical product that U.S. national defense, cars and trucks, shipbuilding, household appliances, energy and infrastructure depend on.
The plant was projected to begin production in 2030, supplied by a new $2.5 billion iron ore mine that Mesabi developed along Minnesota's Mesabi iron range. The resulting steel will be produced from start to finish in the United States, the White House said.
The company expects the project to create 6,000 construction jobs and 1,750 full-time positions.
Trump said the American steel industry is "roaring back to life," crediting it to the 50% tariffs on steel imports that he imposed last year.
The president, in June, also approved the takeover of iconic American steelmaker U.S. Steel by Japan's Nippon Steel, a move that had been blocked by Joe Biden, his Democratic predecessor, and initially opposed by Trump as a 2024 Republican presidential candidate. After returning to office, Trump later backed a deal that gave the federal government a say in some company decisions.
The Oval Office announcement at times took on the tone of a campaign event. Introducing Rep. Ashley Hinson, Trump described her as a "young lady who is going to be hopefully elected to the Senate."
Trump also told Sen. Joni Ernst, who will not seek a new term in office, that she had done a wonderful job in the Senate and said he would miss her.
Trump and Vice President JD Vance both have touched down in Iowa this year to shore up Republican enthusiasm and energize voters before the Nov. 3 elections.
Mesabi Metallics is based in Nashwauk, Minnesota. The Essar Group is an industrial conglomerate formed in India in 1969, with ventures in industries from energy and mining to technology and retail, according to its website.
