Trump to Announce $15 Billion Iowa Steel Plant Backed by India's Essar Group
Trump is unveiling a $15 billion Iowa steel plant built by Mesabi Metallics, owned by India's Essar Group, expected to create over 2,000 jobs.
President Donald Trump is set to announce a $15 billion steel plant in eastern Iowa on Monday afternoon, a project the White House describes as destined to become the largest steel plant in U.S. history.
The mill is being built by Mesabi Metallics, a Minnesota-based company owned by India's Essar Group, an industrial conglomerate founded in 1969 with interests spanning energy, mining, technology and retail. Trump will make the announcement alongside steel industry executives and commerce officials.
According to the White House, the plant will begin producing steel in 2030 and create more than 2,000 jobs in the United States. Once fully built out, it is expected to produce 10 million tons of steel annually — more than any other facility in the country.
The project will be supplied by a new $2.5 billion iron ore mine that Mesabi developed in Minnesota. The White House said the steel will be produced from start to finish on American soil.
"President Trump is delivering on his promise to rebuild American industry, reshore manufacturing, and create new jobs," White House spokesperson Taylor Rogers said in a statement, adding that the announcement underscores the president's efforts to revitalize the U.S. steel industry.
In a social media post promoting the announcement, the White House said Trump is "prioritizing hardworking Americans instead of foreign labor."
The announcement comes as Trump seeks to energize voters ahead of difficult midterm races, including in Iowa, where governor and Senate seats have become competitive.
Earlier this year, Trump raised tariffs on steel and aluminum imports to 50%, a move he said protects U.S. industries but which also threatened to drive up consumer prices for items ranging from refrigerators to cars. In June, he also approved the takeover of U.S. Steel by Japan's Nippon Steel — a deal previously blocked by former President Joe Biden and initially opposed by Trump during his 2024 campaign. Trump later backed an arrangement giving the federal government a say in some company decisions.
Mesabi Metallics is based in Nashwauk, Minnesota, along the Mesabi iron range.