Trump unveils plans for a $15 billion steel mill in Iowa - NBC News

President Trump announced plans for a $15 billion steel mill in Iowa on Monday, describing it as producing "some of the highest quality, most affordable steel anywhere in the world" during remarks in the Oval Office.
The plant, being built by Mesabi Metallics under CEO Joe Broking, aims to begin production by 2030, produce 10 million tons of steel annually, and create as many as 1,750 permanent jobs, according to a White House official.
The facility will be capable of supporting defense sector requirements for high-grade steel and will source iron ore from a new $2.5 billion mine in Minnesota's Mesabi Iron Range, set to come online in the coming weeks.
The new mine—described by Trump as the first new U.S. iron ore mine in more than 50 years—will produce roughly 7.5 million tons of iron per year and create about 350 jobs in Minnesota.
The Export-Import Bank will provide up to $10 billion in financing for Mesabi Metallics' expansion, and the announcement lands weeks before the 2026 midterms, with Iowa central to Senate, House, and gubernatorial contests.
The plan aligns with Trump's push to expand U.S. manufacturing and curb steel imports; while the Supreme Court struck down many of his tariffs this year, it left in place duties on steel and aluminum, including a 50% tariff on most steel imports.