Mesabi Metallics to Build $15 Billion Iowa Steel Plant, Largest in U.S. History

Mesabi Metallics announced plans Monday to build a $15 billion steel plant in Iowa, billed as the largest in U.S. history, with production targeted for 2030. President Donald Trump is unveiling the project at a 2 p.m. ET White House event. Phase one would produce 7.5 million tons annually, scaling to 10 million tons. The plant is expected to support up to 6,000 construction jobs and at least 1,750 permanent positions. The Export-Import Bank will issue up to $10 billion in financing. The Nashwauk, Minnesota-based company will feed the plant with iron ore from its Minnesota Iron Range mine, a $2.5 billion venture two decades in development and the first new U.S. iron mine in 50 years, producing about 7.5 million tons yearly. The announcement follows Trump's 50% tariff on most steel imports. Industry groups credit the levies with spurring $47 billion in domestic steelmaking investment. The event comes weeks before November midterm elections.