Trump to announce largest steel plant in U.S. history will be built in Iowa

Washington — President Trump on Monday is set to announce that the largest steel plant in U.S. history will be built in Iowa over the coming years, a White House official said. 

The president and the Minnesota-based company Mesabi Metallics are expected to unveil the company's $15 billion plans in the Oval Office at 2 p.m. for what the White House is calling a mega steel plant. 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. 

The Wall Street Journal was first to report the president's anticipated announcement of the new steel plant. 

"President Trump is delivering on his promise to rebuild American industry, re-shore manufacturing, and create new jobs," said  White House spokeswoman Taylor Rogers. "Today's announcement underscores the President's historic efforts to revitalize the U.S. steel industry — supporting local communities, strengthening supply chains, and protecting our national security. After decades of decline, this president is restoring America's industrial competitiveness and securing trillions of dollars in new investment."

Mesabi Metallics executives, along with Secretary of Commerce Howard Lutnick and Export-Import Bank Chairman John Jovanovic, are expected to be in the Oval Office for the announcement.

Plans for the new plant are the Trump administration's latest move to boost domestic steel manufacturing in the face of overseas competition, a centerpiece of the president's trade agenda. Last year, he doubled tariffs on imported steel to 50%, and steel levies have been part of the ongoing trade dispute between the U.S. and Canada.

Mesabi has yet to announce where in Iowa the steel plant will be. A White House official said this will be the first mega steel plant built in the U.S. since the 1960s. 

The iron ore for the plant — iron ore is a primary raw material for making steel — will come from Mesabi Metallics's new $2.5 billion iron ore mine in Minnesota.

The Trump administration expects the steel could support U.S. defense projects in the future. 

The announcement comes less than 40 days before the midterms, with Iowa Republicans facing competitive races in the U.S. House and Senate.