Trump to announce massive steel plant in Iowa

President Trump is set to announce Monday that a Minnesota company plans to build a $15 billion steel mill in Iowa.

Mesabi Metallics also recently invested $2.5 billion in a new 7.5 million-ton iron ore mine in Minnesota. The company’s executives will be present with Trump at the White House to unveil the project.

The steel plant could see its first production in 2030, and the eastern Iowa site will be the largest of its kind in U.S. history, according to a White House official. Once fully functional, it could produce 10 million tons of steel per year.

The Wall Street Journal was the first to report on the announcement.

“President Trump is delivering on his promise to rebuild American industry, reshore manufacturing, and create new jobs,” White House spokesperson Taylor 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,” she said. “After decades of decline, this President is restoring America’s industrial competitiveness and securing trillions of dollars in new investment.”

The Minnesota mine, which recently opened, will create 350 new jobs, and the steel plant will create 1,750 new jobs for Iowans, a White House official said.

Commerce Secretary Howard Lutnick; John Jovanovic, chair of the Export-Import Bank; and David Copley, senior director for Global Supply Chain, will be among the other people present at the announcement.

It comes 36 days before the midterm elections. Iowa Republicans face tough races for U.S. House and Senate as the party aims to hold onto control of the two chambers. The governor’s race is also one to watch.

Zach Lahn, the Republican nominee for Iowa governor, welcomed the announcement.

“This is a direct result of focusing on building in America. Iowa is the best place to do just that,” he wrote on the social platform X . “Looking forward to working with President Trump to get this plant fully online.”

Rep. Ashley Hinson (Iowa), the Republican Senate candidate, also called the proposed plant “a game-changing investment for our state.”

This is the latest move by the Trump administration to push for more steel production in the U.S. There is currently a 50 percent tariff on items made entirely or almost entirely of aluminum, steel or copper, while lower tariffs apply to finished or derivative goods made with steel.