Trump pitches $15bn Iowa steel mill as largest in US history ahead of November midterms

From the Newshound archive · first published 28 September 2026 · last updated 29 September 2026.

President Trump on Monday announced that Mesabi Metallics will construct a $15 billion steel mill in Iowa — billed by the White House as the largest in American history — with its first phase capable of producing 7.5 million tons of steel a year. The Minnesota-based company will feed the Iowa facility with iron ore from its own mine, the state's first new mine in 50 years, making the venture fully vertically integrated. The announcement arrives as Trump heads toward the November midterm elections and looks to highlight domestic manufacturing wins from his 50% steel tariffs.

Permanent employment at the Iowa plant is projected to reach a minimum of 1,750 jobs, alongside 5,000 to 6,000 construction positions during the build phase.

Production will not begin until 2030 at the earliest, prompting scrutiny over how firm the commitment is ahead of polling day.

Trump's 50% steel tariffs have driven up construction costs nationwide, a pointed irony for a project intended to showcase his trade agenda.