Trump is expected to announce a steel mill investment totaling approximately $15 billion, with plans reportedly calling for simultaneous development of a mine in Minnesota and construction of a new steel mill in eastern Iowa.
US President Trump is expected to announce a major investment project totaling approximately $15 billion at the White House, centered on a plan by Mesabi Metallics in Minnesota to build a new steel mill in eastern Iowa. The announcement is reportedly intended to promote the return of manufacturing to the United States ahead of the midterm elections.
Investment in the mine and pellet plant totals approximately $2.5 billion, with trial production beginning this month. Funding for the mine and pellet plant has been fully secured, including a $770 million loan from EXIM. It has also been explained that up to an additional $10 billion in financing is planned for the expansion project.
The new Iowa steel mill is scheduled to begin steelmaking in 2030. First-phase annual capacity is expected to be 7.5 million tonnes, rising to approximately 10 million tonnes after expansion. At least 1,750 permanent jobs and 5,000–6,000 construction jobs during the first phase are expected.
The plan is to fully vertically integrate the mine and steel mill, transporting iron ore from the mine and processing it in an electric arc furnace together with scrap steel. Some observers have also pointed to disputes over mining rights and constraints on finite resources as factors casting doubt on the project's long-term viability.