Mesabi Metallics Unveils $15 Billion Iowa Steel Plant Project Backed by Trump Administration

Mesabi Metallics is planning a $15 billion investment to build a massive, vertically integrated steel plant in Iowa, touted by the White House as potentially the largest domestic manufacturing facility of its kind in U.S. history.
Slated to begin operations around 2030, the project will process iron ore sourced directly from the company's newly developed Minnesota Iron Range mine, targeting an initial output of 7.5 million tons of steel annually before scaling to 10 million tons.
The landmark domestic investment—bolstered by up to $10 billion in Export-Import Bank financing—is projected to support thousands of construction roles and 1,750 permanent jobs while strengthening domestic supply chains and defense-grade steel security.