Iowa, United States — September 28, 2026
President Donald Trump has announced plans for a new $15 billion steel plant in eastern Iowa, a major industrial project that is expected to become one of the largest steel facilities in the United States once fully operational.
The project is being developed by Mesabi Metallics, a Minnesota-based company owned by India's Essar Group. The company plans to begin steel production in 2030 and eventually reach an annual production capacity of approximately 10 million tons.
A Massive New Steel Operation
Trump announced the project during an Oval Office event on September 28, describing it as the largest steel plant in American history. The White House said the facility will initially produce about 7.5 million tons of steel per year before expanding toward its projected 10-million-ton capacity.
The plant is expected to begin production in 2030 and will be supplied with iron ore from Mesabi Metallics' newly opened mine in northern Minnesota.
Thousands of Jobs Expected
According to the White House, the project is expected to create approximately 1,750 permanent jobs in Iowa and support as many as 6,000 construction jobs during the building phase.
Iowa officials have described the investment as a major industrial development for the state, particularly for communities in southeastern Iowa where the facility is expected to be located.
From Minnesota Iron Ore to Iowa Steel
The planned facility is part of a larger integrated supply chain. Mesabi Metallics recently opened a new iron-ore mine near Nashwauk, Minnesota, marking the first new iron-ore mine in the state in roughly 50 years.
Iron ore from the Minnesota operation will be processed into steel at the planned Iowa facility. The company says the resulting supply chain will keep the mining, processing and steelmaking process within the United States.
The broader investment is valued at approximately $18 billion, with about $15 billion allocated to the Iowa steel facility and another $3 billion associated with completing the Minnesota mining operation.
Steel for Defense and Other Industries
The project is being promoted as an important addition to America's domestic steel supply. Company executives and administration officials have highlighted steel's role in national defense, automobiles, shipbuilding, energy, infrastructure and other major industries.
Mesabi Metallics CEO Joe Broking said the facility would supply a critical material used by U.S. national defense and other major sectors of the economy.
Trump Credits Steel Tariffs
Trump linked the planned investment to his administration's steel tariff policy. The president has imposed a 50% tariff on imported steel and argued that the policy is encouraging companies to manufacture more steel inside the United States.
Trump said companies were choosing to build in the U.S. rather than pay tariffs on imported steel. His administration has presented the Iowa project as evidence of increased domestic investment in American manufacturing.
Where Will the Plant Be Built?
The project is planned for eastern Iowa. Local reporting indicates the facility is expected to be located in Lee County, although some initial reporting noted that the exact location had not been formally announced by the company at the time of the White House event.
The project is expected to be situated within Iowa's 1st Congressional District, represented by Republican Rep. Mariannette Miller-Meeks.
A Major Investment With Political Attention
The announcement comes ahead of the November 3, 2026, U.S. midterm elections and was made alongside several Iowa Republican officials. Trump also said he plans to visit Iowa for a campaign rally.
The White House has emphasized the project's manufacturing and national-security implications, while Democrats have called for greater transparency around any potential public incentives or state investment connected to the development.
What Happens Next?
Mesabi Metallics is expected to move forward with planning and development of the Iowa facility, with steel production targeted for 2030. Once fully built, the plant is projected to produce up to 10 million tons of steel annually.
If completed as announced, the project would create a new domestic steelmaking link between Minnesota's iron-ore industry and Iowa manufacturing, while supplying steel to sectors including defense, transportation, energy and infrastructure.
Editor's Note: This report is based on the September 28, 2026 announcement and reporting from Reuters, Associated Press, the White House and Iowa Capital Dispatch. Production capacity, job numbers and completion timelines are projections for the proposed project and may change as development progresses.
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