Trump to Unveil Colossal $15 Billion Plan for Largest Steel Plant in US History

President Donald Trump is unveiling plans Monday for a roughly $15 billion steel plant in Iowa that the White House says will be the largest in American history.

The project promises 1,750 permanent jobs in the state.

The administration is presenting the investment as evidence that Trump’s economic agenda is bringing heavy manufacturing back to the United States.

The announcement arrives with just over a month remaining before the midterm elections.

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Between 5,000 and 6,000 construction jobs are expected during the project’s first phase.

Trump is scheduled to announce the plans from the Oval Office at 2 p.m. alongside executives from Mesabi Metallics, according to a White House official who spoke with Fox News Digital.

JUST IN: President Trump will announce today a massive $15 BILLION STEEL MILL coming to the red state of IOWA — WSJ

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The proposal is being unveiled at the White House with top executives, and the… pic.twitter.com/h0wnZfHrXx

— Eric Daugherty (@EricLDaugh) September 28, 2026

Mesabi plans to supply the Iowa facility with iron ore from its newly constructed mine in Minnesota.

According to the White House, that arrangement would establish a fully domestic supply chain stretching from mined iron ore to finished steel.

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The Iowa plant is expected to produce 7.5 million tons of steel annually during its first phase.

Production would eventually reach 10 million tons each year, which the administration says would make it the largest steel plant ever built in the United States.

At its planned full capacity, the facility’s yearly production would equal roughly one tenth of the steel made by the entire American industry last year.

If completed as planned, the project would significantly expand domestic steelmaking capacity.

The massive undertaking will not deliver steel immediately.

Mesabi does not expect the Iowa facility to produce its first steel until 2030, giving the ambitious project a lengthy construction and development timeline.

Trump has repeatedly promoted large investment commitments as proof that his tariffs and other economic policies are encouraging businesses to build in America instead of investing abroad.

The administration has announced hundreds of billions of dollars in planned investments from foreign governments and corporations, with many projects scheduled to develop over several years.

Mesabi’s Minnesota operation shows the difficulties that can accompany major industrial developments.

The project began nearly two decades ago and endured financing troubles and missed deadlines before Essar Steel Minnesota filed for Chapter 11 bankruptcy in 2016.

The project later emerged from bankruptcy as Mesabi Metallics, and Essar eventually regained control.

Mesabi has since started mining and commissioning work in Minnesota, although commercial pellet production has not begun.

A recent SEC filing from a company holding a royalty interest in the project said initial DR grade pellet production is targeted for the fourth quarter of 2026.

That would be followed by an eight- to 12-month ramp-up toward commercial production.

The White House says the Minnesota operation will ultimately produce 7.5 million tons annually and provide roughly 350 permanent jobs.

The Iowa plant and Minnesota mine together represent nearly $18 billion in investment during the first phase.

The administration estimates that the first phase will generate approximately $95 billion in economic activity during construction and the Iowa plant’s first decade of operation.

The facility will also be able to produce high-grade steel used to satisfy defense sector requirements.

“President Trump is delivering on his promise to rebuild American industry, reshore manufacturing, and create new jobs,” White House spokeswoman Taylor Rogers told Fox News Digital.

“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,” Rogers said.

“After decades of decline, this President is restoring America’s industrial competitiveness and securing trillions of dollars in new investment.”

Trump doubled tariffs on steel and aluminum imports to 50% last year, arguing that shielding domestic producers from cheaper foreign competition would rebuild an industry important to the economy and national security.

Those tariffs have also increased costs for companies that use steel.

S&P Global reported that federal data showed iron and steel prices rose 10.4% between April 2025 and April 2026.

The steel mill products index increased 13.3% during that period, even as domestic steel production grew.

Unlike many newer American steel facilities, which are smaller electric arc furnace plants, the Iowa project will be a large integrated facility.

The White House says it will be the first new “mega-steel” plant built in the United States since the 1960s.

Commerce Secretary Howard Lutnick, National Energy Dominance Council Executive Director Jarrod Agen, and Export-Import Bank Chairman John Jovanovic are expected to join Trump for the announcement.

Mesabi Metallics Chairman Rewant Ruia, board member Prashant Ruia, and CEO Joe Broking are also expected to attend.

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