President Trump will announce Monday that Mesabi Metallics, a Minnesota-based company, plans to build a $15 billion steel mill in eastern Iowa, according to a White House official. The project is expected to be the largest steel plant in U.S. history, with an annual capacity of 10 million tons, and could begin production by 2030.
The company has also recently invested $2.5 billion in a new iron ore mine in Minnesota, which has already opened and is expected to create 350 jobs. The Iowa plant would add 1,750 jobs for local workers, a White House official confirmed.
Executives from Mesabi Metallics will join Trump at the White House for the announcement, along with Commerce Secretary Howard Lutnick, Export-Import Bank Chairman John Jovanovic, and David Copley, senior director for Global Supply Chain. The event comes just 36 days before the midterm elections, where Iowa Republicans face competitive races for governor and Congress.
White House spokesperson Taylor Rogers touted the project as evidence of Trump's commitment to revitalizing American industry. "President Trump is delivering on his promise to rebuild American industry, reshore manufacturing, and create new jobs," Rogers said 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."
Zach Lahn, the Republican nominee for Iowa governor, welcomed the news, writing on X: "This is a direct result of focusing on building in America. Iowa is the best place to do just that. Looking forward to working with President Trump to get this plant fully online." Rep. Ashley Hinson (R-Iowa), the GOP Senate candidate, called the proposed plant "a game-changing investment for our state."
The announcement is the latest in a series of moves by the Trump administration to expand domestic steel production. Currently, the U.S. imposes a 50% tariff on items made entirely or almost entirely of aluminum, steel, or copper, with lower tariffs on finished goods containing these metals. These measures are part of a broader strategy to protect American manufacturing and reduce reliance on foreign supply chains, a theme Trump has emphasized in his rollback of environmental regulations and other industrial policies.
Political analysts note that the timing of the announcement is significant, as Republicans seek to hold onto their narrow majorities in the House and Senate. The GOP's midterm prospects have been a point of concern, and the White House is eager to highlight economic wins. However, some critics have raised questions about the use of taxpayer-funded ads to promote such announcements, with ethics concerns being flagged by former officials.
The steel mill project is also part of a larger trend of reshoring manufacturing, which Trump has championed as a way to boost national security and economic competitiveness. The administration has pointed to similar investments in other sectors, including recent tariff reductions and trade deals that aim to level the playing field for American producers.
Mesabi Metallics' investment in Minnesota and Iowa underscores the company's bet on U.S. steel demand, which has been bolstered by infrastructure spending and defense needs. The new mine and mill are expected to create a vertically integrated supply chain, from raw ore to finished steel, a model that could become a template for future projects.
As the announcement approaches, local officials in Iowa are expressing optimism about the economic boost. The plant is expected to have a ripple effect on suppliers, logistics, and housing markets in the region. But questions remain about financing, environmental permits, and the timeline for construction, which could face legal challenges from competitors or advocacy groups.
For now, the White House is framing the project as a victory for American workers and a fulfillment of Trump's promise to rebuild the nation's industrial base. The president is expected to highlight the announcement during campaign events in the coming days, using it as evidence that his policies are delivering tangible results.
