Mesabi Metallics unveils $15 billion Iowa steel plant, billed as nation's largest

President Donald Trump announced Monday that Mesabi Metallics, a subsidiary of India's Essar Group, plans to build a $15 billion steel mill in Lee County, Iowa, which the company says would be the largest steel plant of its kind in U.S. history.

Speaking from the Oval Office, Trump credited the investment to tariffs his administration has imposed on imported steel. "Our steel industry is roaring back to life," he said, according to NBC News. The announcement follows a 50 percent tariff on imported steel that has remained in place through 2026.

The mill, once operational, is expected to produce 10 million tons of steel annually and create as many as 1,750 permanent jobs paying about $49 an hour, plus roughly 6,000 construction jobs during the building phase, according to details shared by the company and the White House. Production is targeted to begin in 2030.

A Minnesota-to-Iowa supply chain

The Iowa mill will draw iron ore from Mesabi Metallics' mine near Nashwauk, Minnesota — the state's first new iron ore mine in five decades. Iowa Gov. Kim Reynolds attended the White House announcement and called the project "a transformational opportunity for our country, our state, and American families," according to a statement released by her office. Federal financing is expected to play a significant role: the Export-Import Bank has indicated it could provide up to $10 billion toward the broader expansion, according to White House officials.

What happens next

Company and administration officials have not yet set a groundbreaking date for the Iowa site, and financing and permitting arrangements are still being finalized. The project adds to a string of steel and metals investments Trump has cited as evidence of a manufacturing revival tied to his tariff policy.