Trump to Unveil $15 Billion Steel Plant in Iowa.

President Trump announced Monday that Mesabi Metallics will build a $15 billion steel plant in Iowa. The White House calls it the first mega steel plant built in the U.S. since the 1960s.

• 7.5 million tons of steel per year expected in the plant's first phase
• 10 million tons annually projected at full capacity, per the White House
• 1,750 permanent Iowa jobs and 5,000–6,000 construction jobs anticipated
• $95 billion in total economic impact projected over construction and first decade

Why it matters: The plant would use iron ore from Mesabi's new Minnesota mine, creating a fully domestic steel supply chain the White House says can serve defense needs.

• Trump doubled tariffs on imported steel to 50% last year, making domestic production more competitive
• Iowa has competitive Senate, House, and gubernatorial races less than 40 days before the midterms

How 21 sources split on this story

Where they split: Coverage agrees on the project's scale but divides on whether the announcement is primarily an economic milestone or a political move ahead of contested Iowa midterm races.

What’s next: First steel production is not expected until 2030, per all sources.

• The Minnesota mine has not begun commercial production; an SEC filing targets Q4 2026
• Mesabi has not yet disclosed the specific Iowa location for the plant
• Will the project secure financing and permits on the timeline the White House projects?
• How much will Iowa voters weigh the announcement against frustrations over fuel costs, beef imports, and the Iran war?