Trump will announce a $15 billion steel plant in Iowa. The White House says the mill is due to start production in 2030 and create over 2,000 U.S. jobs; at full buildout, annual output is expected to reach 10 million tons, more than any U.S. mill.
Mesabi Metallics, a Minnesota-based company owned by India's Essar Group, is building the plant. It will be supplied by a new $2.5 billion iron ore mine Mesabi developed in Minnesota; the White House says the steel will be made entirely in the U.S., from start to finish.
Trump raised tariffs on imported steel and aluminum to 50% earlier this year, saying they protect U.S. industries. The tariffs also threatened to raise consumer prices on goods such as refrigerators and cars.
