Trump Unveils Plan for $15 Billion Iowa Steel Plant

At a Monday, September 28, 2026 White House event, President Donald Trump revealed that Mesabi Metallics intends to construct a $15 billion steel facility in Iowa—one the administration characterizes as unrivaled in American history.²³⁴

The announcement

Trump said, "Today, we're thrilled to announce that Mesabi Metallics will be building the largest steel plant in American history in the great state of Iowa." Attendees at the gathering included Mesabi Metallics chairman Rewant Ruia, CEO Joe Broking, plus Howard Lutnick, who leads the Commerce Department, and John Jovanovic, chairman of the Export-Import Bank.³⁸

Companies and officials involved project that the plant's opening phase will yield roughly 7.5 million tons of steel annually and sustain a minimum of 1,750 ongoing jobs, with output expected to commence in 2030. Some outlets reported that the facility is expected to reach 10 million tons annually once fully operational, though this figure was not confirmed by all sources.⁴¹⁵⁷

Estimates of construction employment varied: some reports put the figure at up to 6,000 construction jobs during the first phase, while Al Jazeera did not confirm that number.⁴¹⁶

Minnesota mine and financing

The plant is expected to draw on iron ore from Mesabi Metallics' mine in Minnesota's Iron Range, near Nashwauk, according to The Guardian. Mesabi Metallics recently invested more than $2.5 billion in the mine, which began operations as the first new U.S. iron ore mine in more than 50 years and currently employs more than 200 people, with about 350 expected at full capacity.²⁸⁹¹⁰

Directors of the Export-Import Bank cleared a $770 million direct loan for Mesabi Metallics' iron ore operations, adding that the bank could contribute up to $10 billion more toward the wider expansion effort. Bank chairman John Jovanovic, after visiting the Minnesota facility, remarked, "Make no mistake: supply chain security is national security. This iron ore mine will boost U.S. supply chains and support hundreds of well-paying jobs."³²⁵¹⁰

Mesabi Metallics is affiliated with the India-based Essar Group, whose predecessor company, Essar Steel Minnesota, filed for bankruptcy in 2016 before Essar Group regained control of the operation in 2019. Rewant Ruia, the company's chairman, said, "We are the first in 50 years and we won't be the last. This is what making more in America looks like."³¹⁰

Commerce Secretary Howard Lutnick, addressing reporters, said, "The deal is done. They've already worked it out," adding, "The president doesn't bring people together unless it's a done deal."⁹

Political backdrop

The announcement came ahead of the U.S. midterm elections in November, in a state where Republican incumbent Joni Ernst is vacating her Senate seat. Trump said he plans to visit Iowa for a rally before the vote and offered praise for Republican candidate Ashley Hinson, calling her "hopefully elected to the Senate, and she's outstanding." Hinson, who joined the announcement, called the project "a game-changing investment for our state."³⁸

Polling on the Iowa Senate race between Hinson and Democratic state lawmaker Josh Turek has varied by pollster: a Marist survey found Hinson trailing Turek by eight points, while a Trafalgar Group poll showed Hinson with a two-point lead. Al Jazeera reported that Iowa is regarded as a seat Democrats could flip and noted that Trump's economic approval rating had dropped from 80 percent to 56 percent.²⁶

The plant announcement follows Trump's move to raise tariffs on imported steel and aluminium; CNBC reported the tariffs have driven $47 billion in announced and underway U.S. steel investment, while critics cited in the same report said the tariffs have contributed to higher domestic steel prices. Reports differed on the timing of the tariff increase, which one source said was imposed last year and another placed differently.⁴⁶¹