Trump to announce $15bn Iowa steel plant backed by India’s Essar Group
President Donald Trump is set to announce a $15 billion steel plant in Iowa, with the White House saying it will become the largest steel plant in US history. Mesabi Metallics, owned by India’s Essar Group, is expected to begin production in 2030 and create more than 2,000 jobs.
US President Donald Trump is set to announce a $15 billion steel plant in Iowa that the White House says will become the largest steel plant in United States history. The project is being developed in eastern Iowa by Mesabi Metallics, a Minnesota-based company owned by India’s Essar Group. The White House said Trump would announce the project alongside steel industry executives and commerce officials.
Production is expected to begin in 2030, with the plant projected to create more than 2,000 jobs. Once fully operational, it is expected to produce 10 million tons of steel a year, according to the White House. The facility will be supplied by a new $2.5 billion iron ore mine developed by Mesabi in Minnesota.
The White House said the steel would be produced from start to finish in the United States. White House spokeswoman Taylor Rogers said the announcement reflected Trump’s efforts to rebuild American industry, bring manufacturing back to the country and create jobs. The announcement was first reported by The Wall Street Journal.
The project comes as Trump seeks to highlight industrial investment ahead of difficult midterm races, including contests for Iowa’s governor and Senate seats. The White House has promoted the plan as part of an effort to prioritise domestic workers. Trump raised tariffs on steel and aluminium imports to 50% earlier this year.
He has said the tariffs protect US industries, although the measures could increase consumer prices for products such as refrigerators and cars. In June, Trump approved the takeover of US Steel by Japan’s Nippon Steel after the deal had been blocked by former President Joe Biden. The arrangement gave the federal government a role in some company decisions.
Essar Group, which owns Mesabi Metallics, was formed in India in 1969 and has businesses in energy, mining, technology and retail.
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