Trump to unveil $15bn Iowa steel project

The White House has stated that President Donald Trump will use an Oval Office event on September 28, 2026, to announce that Mesabi Metallics plans to build a $15 billion steel plant in eastern Iowa. The unveiling marks one of the largest proposed steel investments currently on the table in the United States, centered on creating a new integrated steelmaking hub in the state.

Officials and local reporting describe the announcement as a formal launch of a multi‑year project, rather than the completion of a final investment decision. The Oval Office setting underscores the administration’s focus on the project as a flagship industrial and jobs initiative.

Project outlines indicate the planned mill would initially be capable of producing about 7.5 million tons of steel per year. Over time, the facility is expected to be expandable to roughly 10 million tons annually once fully built out, positioning it among the larger single-site steel operations in the country by output.

First steel production at the Iowa plant is projected around 2030, reflecting the scope of construction and commissioning required for a greenfield operation of this size. The multi‑year buildout implies a phased ramp‑up from construction through to commercial operations.

Projections tied to the Iowa project estimate about 1,750 permanent jobs at the new facility once operations are underway. In addition to these roles, officials expect thousands of construction jobs during the building phase, although specific construction employment figures are not detailed.

Mesabi Metallics has also recently committed approximately $2.5 billion to an iron ore mine and pellet plant in northern Minnesota. That operation is expected to produce about 7–7.5 million tons of iron ore or pellets annually and create around 350 permanent jobs, forming a key upstream supply base for the planned Iowa steel mill.

Reporting identifies Mesabi Metallics as part of India-based Essar Group, linking the Iowa project to a broader international industrial conglomerate. The Minnesota mining and pellet operations are designed to feed iron units into the downstream steelmaking facility in Iowa, aligning the two investments as an integrated supply chain.

By pairing ore extraction and pelletization in Minnesota with large‑scale steel production in Iowa, the company aims to secure raw material supply for the new mill. This structure is intended to support consistent throughput at the proposed 7.5–10 million ton annual capacity range.

Local reporting and state sources indicate that Iowa lawmakers have been alerted they may be called into a special legislative session related to the project. The purpose would be to consider tax breaks or an incentive package intended to support Mesabi Metallics’ planned investment in the state.

Details of any prospective incentives have not been publicly finalized, but the possibility of a special session signals that state authorities are preparing to evaluate policy measures tied to the proposed $15 billion steel plant. Any legislative decisions would shape the financial and regulatory environment for the project as it advances from announcement toward development.