Mesabi Metallics plans US$15-billion Iowa steel mill

President Donald Trump on Monday unveiled Mesabi Metallics’ plan to invest about US$15 billion in an integrated steel mill in Iowa, casting the project as a midterms-friendly manufacturing win five weeks before Election Day.

The White House said the plant would eventually produce up to 10 million tons of steel a year — billed as the largest of its kind in U.S. history — create about 1,750 permanent jobs and support as many as 6,000 construction roles in the first phase. First steel is targeted for 2030. Iron ore would come from Mesabi’s new Minnesota mine, the first major Iron Range development in roughly 50 years, feeding a domestic mine-to-mill chain using direct-reduced iron and electric-arc furnace technology that the company says will cut energy use and emissions versus older blast-furnace routes.

Mesabi is owned by India’s Essar Group. The U.S. Export-Import Bank has signalled up to US$10 billion in financing linked to the company’s expansion. Commerce Secretary Howard Lutnick joined Trump and Mesabi executives for the Oval Office announcement. Analysts note the political calendar outruns the build: voters will decide Senate control years before the mill pours steel, while Canadian steelmakers already squeezed by Section 232 tariffs watch whether new U.S. capacity intensifies North American competition.