Trump announces a $15 billion Mesabi Metallics steel mill in Iowa
The White House calls the project one of the largest steel plants in American history, with production targeted for 2030.
Assembled by Claude from 8 sources at 8 outlets · Monday, September 28, 2026, Evening edition, 5:25 PM EDT · no human byline
What happened
President Donald Trump announced on Monday that Mesabi Metallics will build a $15 billion steel mill in Iowa, a project the White House called one of the largest steel plants in American history whitehouse.gov. WGEM reported that Trump described it as America's largest ever steel plant and that it is headed for Lee County wgem.com. Reuters put the planned cost of the Iowa mill at $15 billion reuters.com. CNBC said the plant would be the largest in United States history cnbc.com.
The White House said the project will create 1,750 permanent Iowa jobs, support up to 6,000 construction jobs, and is projected to add $95 billion to the United States economy over the next decade whitehouse.gov. Mesabi Metallics, which is building the plant, aims to start production in 2030, a White House official told NBC News nbcnews.com.
Who stood behind it
Trump made the announcement from the Oval Office cnbc.comcbsnews.com. He was joined by Mesabi Metallics chief executive Joe Broking and chairman Rewant Ruia, Commerce Secretary Howard Lutnick and the Export-Import Bank cnbc.com. CBS News reported that Export-Import Bank Chairman John Jovanovic was also expected to attend cbsnews.com.
Energy Secretary Chris Wright, Lutnick and the Iowa attorney general were present for the remarks, Northern News Now reported northernnewsnow.com. The Hill said industry experts would join the president for the event, which was scheduled to begin at two o'clock thehill.com. The White House presented the mill as a reversal of what it called years of anti-mining policy, linking domestic ore to domestic steelmaking whitehouse.gov.
What to watch
Not every reaction was favourable. Northern News Now reported that Stauber and Igo called the Mesabi Metallics plan to build in Iowa a missed opportunity for Minnesota northernnewsnow.com.
NBC News tied the announcement to tariffs and manufacturing policy nbcnews.com. The distance between announcement and output is long: the company's own target for first production is 2030 nbcnews.com. The reporting available does not set out financing terms, a construction timetable beyond that date, or what role, if any, the Export-Import Bank will play beyond the attendance of its chairman cnbc.comcbsnews.comnbcnews.com.
For investors in the steel chain, the announcement is a statement of policy intent with a number attached rather than a signed financing whitehouse.govreuters.com. The figures to test against later are the job counts and the $95 billion decade-long contribution the White House projected whitehouse.gov.
Sources
- whitehouse.gov: Mined, Melted, and Poured in America: President Trump Reverses Years of Anti-Mining Policy (2026-09-28)
- northernnewsnow.com: 'A missed opportunity for Minnesota': Stauber, Igo react to Mesabi Metallics plan to build $15 ... (2026-09-28)
- reuters.com: Trump unveils $15 billion planned Iowa steel project - Reuters (2026-09-28)
- thehill.com: Watch live: Trump to announce $15B Iowa steel project - The Hill (2026-09-28)
- cnbc.com: Trump to announce planned $15 billion steel plant, would be largest in U.S. history - CNBC (2026-09-28)
- cbsnews.com: Trump to announce largest steel plant in U.S. history will be built in Iowa - CBS News (2026-09-28)
- wgem.com: Trump announces $15 billion steel plant project in Iowa, Rep. Miller-Meeks says it's coming ... (2026-09-28)
- nbcnews.com: Trump to unveil plans for a $15 billion steel mill in Iowa - NBC News (2026-09-28)