President Donald Trump announced that Mesabi Metallics plans to invest approximately $15 billion to build the largest steel plant in U.S. history, to be located in Iowa. The oval office announcement came on September 28, 2026, just weeks before the November midterm elections. The steel facility aims to start production in 2030 and is expected to create around 1,750 full-time jobs, with an initial phase supporting up to 6,000 construction jobs.

Mesabi Metallics, headquartered in Nashwauk, Minnesota, emphasized that the steel produced will be entirely American-made, sourced from their iron ore mine in Minnesota’s Iron Range. This mining project, representing an investment of more than $2.5 billion, recently began production after two decades of development, following setbacks such as the bankruptcy of Essar Steel Minnesota in 2016. Mesabi Metallics operates as part of the Essar Group, an Indian conglomerate.

The plant’s production capacity is expected to start at 7.5 million tons per year, eventually scaling up to 10 million tons annually. This expansion is projected to support permanent employment for at least 1,750 workers. The Minnesota iron mine connected with this project has currently generated about 200 full-time jobs, with anticipated growth to 350 jobs, according to Minnesota Public Radio reports.

Trump was joined by key figures including Mesabi Metallics CEO Joe Broking, Chairman Rewant Ruia, Commerce Secretary Howard Lutnick, Energy Secretary Chris Wright, Export-Import Bank Chairman John Jovanovic, and Iowa officials during the announcement. The administration views this effort as a significant step toward revitalizing U.S. manufacturing, strengthening supply chains, and enhancing national security, continuing Trump’s broader push for domestic industrial growth supported by previous steel tariffs.