GoKawiilMesabi Metallics to build $15B steel plant in Iowa, Trump announces
President Trump said Mesabi Metallics will invest $15 billion to build what the White House describes as the largest steel plant of its kind in U.S. history, located in Iowa. A White House official told CNBC that production is expected to begin in 2030, with an initial phase producing about 7.5 million tons annually and supporting up to 6,000 construction jobs. Mesabi, based in Minnesota, said the plant would produce entirely American-made steel.
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CNBC's Kevin Breuninger notes the announcement lands ahead of November's midterm elections, which are expected to focus heavily on Trump's handling of the economy, suggesting the timing could be politically significant. The project also follows Trump's tariffs on imported steel, which may be intended to bolster domestic production capacity like this plant. If completed, the facility could reshape U.S. steel manufacturing capacity and become a talking point in debates over trade policy and industrial jobs.
- Mesabi Metallics plans a $15 billion steel plant in Iowa, per Trump's announcement.
- Production is expected to start in 2030, producing 7.5 million tons annually in its first phase.
- The announcement comes ahead of the midterms and after Trump's steel tariffs.
Source: cnbc.com — Alex Harring, 2026-09-29
Published there as: “Trump meets with AI execs, Treasury yields pressure stocks, Alaska's luxury push and more in Morning Squawk”
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