President Trump will announce on Monday a Minnesota company’s plan to build a $15 billion steel mill in Iowa, a White House official confirmed to The Washington Times.
The announcement is part of a White House effort to promote domestic production and moves to reshore manufacturing ahead of the midterms.
The proposed steel mill, which Mesabi Metallics will build, would be the largest ever built in the U.S., according to the official. It will start with an initial annual production of 7.5 million tons, but could later expand to about 10 million tons a year.
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Production at the Iowa plant is expected to begin in 2030 and could support more than 1,700 jobs, the official said. It will also support between 5,000 and 6.000 construction jobs.
The steel mill will consist of two plants to process ore for use in electric arc furnaces with scrap steel to make new steel.
A location for the plant has yet to be announced, but Mesabi said the plant will be in eastern Iowa near the Mississippi River, which it plans to use to transport iron ore. A report in the Des Moines Register said the company had been purchasing land in the area.
“President Trump is delivering on his promise to rebuild American industry, reshore manufacturing, and create new jobs,” said Taylor Rogers, a White House spokesperson. “Today’s announcement underscores the President’s historic efforts to revitalize the U.S. steel industry — supporting local communities, strengthening supply chains, and protecting our national security. After decades of decline, this President is restoring America’s industrial competitiveness and securing trillions of dollars in new investment.”
Iowa is the scene of a race for an open U.S. Senate seat in November, plus four House races and a gubernatorial election.
The project will be fully integrated with Mesabi’s iron ore mine in Minnesota, which was the state’s first iron ore mine in more than 50 years. Mesabi spent about $2.5 billion on the Minnesota plant, which created roughly 350 jobs, according to the White House.
Preliminary production at the mine began this month, but Mesabi controls enough iron ore reserves for 23 years of mining.
U.S. steel prices are among the highest in the world, but the steel industry has praised Mr. Trump’s tariffs for boosting domestic steel production. Foreign steel competition has decreased since Mr. Trump imposed 50% tariffs on imported steel.
Through July, total U.S. steel imports dropped 33%, and finished steel imports fell 34.6% compared with the same period in 2025, according to data from the American Iron and Steel Institute.
At the same time, American mills are shipping more steel. Domestic producers shipped nearly 55.75 million tons during the first seven months of 2026, with mills operating at 79% of their production capacity, up from 77% in July 2025.
Steel industry advocates say none of that would have happened without Mr. Trump’s 50% tariffs, which made imported steel more expensive and gave domestic mills more room to compete for U.S. customers.
“We’ve seen imports decline substantially and, more importantly, the share of the U.S. market taken by imports has declined,” Kevin Dempsey, president and CEO of the American Iron and Steel Institute, told the Times last month. “That’s allowed U.S. steelmakers to increase production, increase sales and invest upwards of $40 billion in upgraded plants and equipment. So it’s been very positive.”
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