WASHINGTON—President Donald Trump is scheduled to reveal plans for the biggest steel plant in United States history during a 2 p.m. ET announcement from the White House on Monday.
Mesabi Metallics executives will join the president and Sen. Joni Ernst (R-Iowa) in the Oval Office to highlight the company’s $15 billion investment in Iowa, with the exact location details expected to be announced during the ceremony.
After the first phase of construction is complete, the facility will produce approximately 7.5 million tons of steel annually, increasing to 10 million tons per year once fully constructed.
The build-out is expected to take about three years, adding more than 5,000 construction jobs and about 1,750 permanent positions, adding more than $95 billion to Iowa’s economy by 2040, according to White House estimates.
Mesabi’s development marks the first so-called mega-steel plant built in the nation in more than 60 years. The Bethlehem Steel Burns Harbor Works in Indiana was built near Lake Michigan between 1962 and 1964.
Mesabi recently invested $2.5 billion in iron ore production facilities in Nashwauk, Minnesota, which will provide material for steel production at its new Iowa operation.
The Trump administration prioritized reshoring manufacturing, using 50 percent tariffs on foreign steel to incentivize domestic development.
Louisiana Gov. Jeff Landry and the president also announced in March plans for the first steel plant in the nation since the 1960s slated for Ascension Parish near Donaldsonville. A joint venture between Hyundai Steel, Hyundai Motor Group, and POSCO, the $5.8 billion investment will produce about 2.7 million tons per year of coated sheet steel for its automobile manufacturing operations.
This is a developing story and will be updated.
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