Trump announces plans for largest steel plant in U.S. history to be built in Iowa

Updated on: September 28, 2026 / 2:43 PM EDT / CBS News

Washington — President Trump on Monday announced that the company Mesabi Metallics will build a $15 billion steel plant in Iowa over the coming years, in what would be the largest of its kind in U.S. history.

"There's a company known as Mesabi," the president said in the Oval Office. "And they're going to make a big investment in a place called Iowa. I love Iowa. I won Iowa every time. Today, we're thrilled to announce that Mesabi Metallics will be building the largest steel plant in American history in the great state of Iowa."

The president and the Minnesota-based Mesabi Metallics unveiled the company's plans for what the White House is calling a mega steel plant, alongside Mesabi executives and Republican representatives from Iowa who face tough races in November.

Once it's up and running in 2030, the plant is expected to produce 7.5 million or more tons of steel per year. A White House official said the plant is expected to create 1,750 permanent jobs in Iowa.

Secretary of Commerce Howard Lutnick and Export-Import Bank Chairman John Jovanovic joined Mesabi executives and Republican members of Congress…

Original source: https://www.cbsnews.com/moneywatch/