Mesabi Metallics plans a roughly $15 billion steel plant in southeast Iowa, with iron ore expected from its mine in Minnesota. President Donald Trump announced the project with company executives on 28 September. The company projects at least 1,700 permanent jobs once the plant operates; financing, construction and production remain ahead, so the investment and employment figures describe a plan.
Mesabi Metallics plans a steel plant in Lee County in southeast Iowa, with a proposed investment of roughly $15 billion. US President Donald Trump announced the project on 28 September at the White House alongside company executives and Iowa politicians. Mesabi is part of the India-based Essar Group. The announcement describes a future facility, rather than steel production already under way at the Iowa site.[1], [2]
The company expects iron ore from a mine it is developing in Minnesota to supply the Iowa plant. Iowa Public Radio described a further $3 billion planned for the mine, separate from the $15 billion Iowa plant figure. Mesabi projects at least 1,700 permanent jobs when the plant operates. A statement from Iowa Representative Mariannette Miller-Meeks also projected initial steel capacity of 7.5 million tons a year, potentially expanding to 10 million tons, and 5,000 to 6,000 construction jobs. These are projected capacity and employment figures, not completed output or hires.[1], [2]
The Guardian reported that the federal Export-Import Bank could provide up to $10 billion of financing, a potential ceiling below the project’s stated total investment. A White House official said production was targeted for 2030. Iowa lawmakers may consider tax incentives in a special session, Iowa Public Radio reported. State Democratic leader Janice Weiner said details of a possible package remained unknown, while White House officials said the project did not depend on local incentives. Construction, financing and the start of production still lie ahead.[1], [2]
