US President Donald Trump announced in the Oval Office on September 28, 2026 that the company Mesabi Metallics plans to build a steel mill in the state of Iowa worth about 15 billion dollars.
According to Trump, the facility will become the largest steel mill in US history and one of the largest in the world. Production is planned to begin in 2030.
At the first stage, capacity will be 7,5 million tons of steel per year, and in the future — up to 10 million tons. This is equivalent to roughly a tenth of all American steel output last year.
The project will create up to 6000 jobs during the construction phase and at least 1750 permanent positions in Iowa. According to White House estimates, the total contribution to the US economy over a decade could reach 95 billion dollars.
The mill will be located in Lee County in eastern Iowa. The company Mesabi Metallics, owned by India's Essar Group, will use iron ore from its new mine in Minnesota — the first in more than 50 years.
The event was attended by Mesabi Metallics CEO Joe Broking, company chairman Revant Ruia, US Secretary of Commerce Howard Lutnick and Export-Import Bank President John Jovanovic. Also present were Republican leaders of Iowa, including Governor Kim Reynolds and Congresswoman Ashley Hinson.
The announcement came a few weeks before the midterm elections to Congress. How will it affect perceptions of the administration's economic policy in a key state?
Trump emphasized that the ore, smelting and steel production will be entirely American — from mine to mill. Company representatives noted the use of advanced technologies to produce high-quality and competitive steel.
