US President Donald Trump has announced plans for a $15 billion steel plant in Iowa that the White House says will become the largest steel plant in American history.
The project will be developed by Mesabi Metallics, a Minnesota-based company owned by India’s Essar Group. Trump unveiled the plan at the White House on September 28, alongside company executives, federal officials and Iowa lawmakers.
The planned facility, which will be located in eastern Iowa, is expected to begin producing steel in 2030. Its first phase is projected to have annual production capacity of about 7.5 million tons, with expansion plans that could eventually take output to approximately 10 million tons a year.
According to the White House, the project is expected to create around 1,750 permanent jobs in Iowa and support between 5,000 and 6,000 construction jobs during the building phase. The administration also estimates that the project could generate about $95 billion in economic activity over construction and its first decade of operation.
The steel mill is planned as part of an integrated domestic supply chain. Mesabi Metallics intends to use iron ore from its newly developed mine in Minnesota, allowing the company to move from mining the raw material to producing finished steel within the United States. The Minnesota mine represents an investment of about $2.5 billion and is expected to produce roughly 7.5 million tons of iron ore annually.
Trump has linked the project to his administration’s efforts to expand domestic manufacturing and reduce reliance on imported steel. His administration has made steel tariffs a central part of its trade policy, including a 50% tariff on imported steel. Commerce Secretary Howard Lutnick said the tariffs helped create conditions for the new investment.
The White House has also said the new facility could produce high-grade steel suitable for defence-related applications and other critical infrastructure, potentially strengthening domestic supply chains for strategic materials.
The announcement comes as Iowa prepares for competitive 2026 midterm elections. Trump highlighted the investment alongside several Iowa Republican officials and candidates, giving the project a prominent political backdrop. The plant itself, however, is not expected to begin steel production until 2030.
Mesabi Metallics Chairman Rewant Ruia described the project as a way to establish an integrated American steel supply chain connecting Minnesota iron ore with an Iowa steelmaking facility. The company’s plans mark a major proposed expansion of US steelmaking capacity after decades in which the country has seen significant changes in its industrial base.
If completed at its planned full capacity of 10 million tons annually, the Iowa facility would represent a significant addition to US steel production and, according to the White House, would be the largest steel plant ever built in the country.