President Donald Trump announced on September 28, 2026, that the largest steel plant in American history will be built in Lee County, Iowa, by the foreign-owned steelmaker Mesabi
The mega-steel facility will cost about $15 billion, with a connected $2.5 billion iron ore mine and pellet plant project in Nashwauk, Minnesota.
Production is targeted to begin in 2030.
It is expected to produce around 10 million tons of steel annually when fully online.
The project is intended to create 5,000 to 6,000 construction jobs and approximately 1,750 permanent jobs in Iowa.
Unlike smaller modern electric arc furnace facilities, this will be a large-scale integrated steel plant utilizing advanced steelmaking technology and raw materials mined in Minnesota.
Mined, melted, and made right here in the U.S.A. 🇺🇸
President Trump announces Mesabi Metallics’ new mega steel plant in Iowa, generating thousands of jobs, billions of dollars, and plenty of the highest quality, most affordable steel anywhere in the world. pic.twitter.com/r15Wrl0AgW
— The White House (@WhiteHouse) September 28, 2026