Trump plans to announce $15 billion Iowa steel plant

President Donald Trump is set to announce plans Monday for a $15 billion steel plant in Iowa, a project the White House says could create up to 1,750 permanent jobs and begin production in 2030.

Minnesota-based Mesabi Metallics plans to build the facility but has not announced where in Iowa it will be located. CBS News described it as the largest steel plant in U.S. history. A White House official told CBS it would be the first “mega steel plant” built in the country since the 1960s. The Wall Street Journal first reported the planned announcement.

The plant’s projected output differs between news accounts. CBS News, citing a White House official, reported that it is expected to produce at least 7.5 million tons of steel annually. NBC News, also citing a White House official, put the figure at 10 million tons a year. An official told NBC the plant would be capable of meeting defense-sector requirements for high-grade steel.

Trump is expected to unveil the project at a 2 p.m. ET White House event. Commerce Secretary Howard Lutnick, Mesabi Metallics CEO Joe Broking, Export-Import Bank Chairman John Jovanovic and other business leaders are expected to attend, according to NBC News.

The plant will use iron ore from a new Mesabi Metallics mine in Minnesota, built with a $2.5 billion investment. The mine is expected to begin operating in the coming weeks, produce about 7.5 million tons of iron annually and create about 350 jobs, a White House official told NBC. The official called it the first new U.S. iron mine in 50 years.

The mine is in Minnesota’s Mesabi Iron Range, an 80- to 100-mile stretch that accounted for about 60% of U.S. iron ore production during the 20th century, according to U.S. Geological Survey figures cited by NBC. The Export-Import Bank will provide up to $10 billion in financing for Mesabi Metallics’ expansion at the Minnesota mine, NBC reported, citing an agency release.

“Trump is delivering on his promise to rebuild American industry, reshore manufacturing, and create new jobs,” White House spokesperson Taylor Rogers said in a statement to NBC. She said the project would support communities, strengthen supply chains and protect national security.

The announcement comes as Trump uses tariffs to support domestic steel production. The United States imposes a 50% tariff on most steel imports, NBC reported. The Supreme Court struck down many of Trump’s tariffs earlier this year but left duties on imported steel and aluminum in place, the outlet said. Steel industry groups urged Trump in a letter last week to “stand firm against efforts to weaken the tariffs,” warning that weakening them would threaten jobs and domestic investment.

CBS News noted that the announcement comes less than 40 days before the midterm elections, with Iowa Republicans facing competitive House and Senate races.