Mesabi Metallics is expected to announce a $15 billion plan for a “mega steel plant” in Iowa in the Oval Office with President Donald Trump on Monday, according to a White House official.
The move comes as there is a 50 percent tariff on steel that is brought to the United States from other countries, as the Trump administration aims to encourage on-shoring of businesses to skirt tariffs.
“President Trump is delivering on his promise to rebuild American industry, reshore manufacturing, and create new jobs. 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,” White House spokeswoman Taylor Rogers said in a statement on Monday afternoon.
“After decades of decline, this President is restoring America’s industrial competitiveness and securing trillions of dollars in new investment,” Rogers added.
Commerce Secretary Howard Lutnick, Jarrod Agen, Executive Director of the NEDC, David Copley, Senior Director for Global Supply Chain, John Jovanovic, Chairman of the Export-Import Bank, Rewant Ruia, Chairman of Mesabi Metallics, Prashant Ruia, Board Member of Mesabi Metallics and Director of Essar Capital, and Joe Broking, CEO of Mesabi Metallics will be in attendance, according to the White House.
The plant is expected to be extremely significant, and it is meant to be an addition to the companies recent mining investment in Minnesota.
“First steel production will be in 2030,” the official noted.
The ultimate goal is to start making over 7.5 million tons of steel annually, and the project between Minnesota and Iowa is expected to be responsible for over 2,000 jobs. The White House official said 1,750 of those jobs will be “permanent” and based in Iowa. There will also be thousands of construction jobs as it is being developed.