Stop the Steel? Iowa approves $1.36 billion for foreign-owned steel plant in swing district less than 2 weeks before early voting

Updated on: October 3, 2026 / 8:29 AM EDT / CBS News

"Stop the Steal" — or rather, steel — has an entirely new meaning for some Iowa voters in 2026.

Protesters at the Iowa statehouse Friday carried signs reading "No Steel Steal!" as lawmakers raced through a one-day special session to award Mesabi Metallics $1.36 billion over ten years in tax incentives for a new steel plant in Lee County. Mesabi Metallics is owned by the Indian conglomorate Essar Group.

The Iowa House passed it 75-17, the Senate 28-19. Gov. Kim Reynolds signed it into law Friday night.

It comes after President Trump's Monday announcement that the largest steel plant in U.S. history will be built in Iowa. Mr. Trump promised the $15 billion steel plant would create 1,750 permanent jobs and roughly 6,000 construction jobs.

The announcement caught many in the state, including lawmakers who would be counted on to approve the tax incentives, by surprise. When Commerce Secretary Howard Lutnick told reporters at the White House "the deal is done" on Monday, lawmakers in Iowa still hadn't received details to review or timing for the special session held Friday.

Opponents of the $1.36 billion in incentives are…

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