Trump to unveil $15 billion Iowa steel megaproject creating 1,750 permanent jobs

President Donald Trump is scheduled to reveal a $15 billion steel complex in Iowa, described as the biggest U.S. plant of its kind since the 1960s. The venture, in collaboration with Minnesota firm Mesabi Metallics, will be announced in the Oval Office at 2 p.m., with Commerce Secretary Howard Lutnick and Export-Import Bank Chairman John Jovanovic present. When operational by 2030, the facility is projected to output at least 7.5 million tons of steel each year and provide 1,750 permanent jobs in the state.

Iron ore will be supplied from Mesabi Metallics’ new $2.5 billion mine in Minnesota. The administration frames the project as a cornerstone of its effort to reshore manufacturing, strengthen supply chains, and support future U.S. defense projects. The timing precedes upcoming midterm elections, where Iowa Republicans face competitive House races.