“Donald Trump plans to announce a $15 billion steel project in Iowa.”

On September 28, 2026, President Donald Trump announced that Mesabi Metallics plans to construct a $15 billion steel plant in Iowa. The announcement was made at the White House with company executives and Iowa officials present. The administration and local representatives have described the project as the largest steel plant in American history, with projections indicating it could create approximately 1,700 to 2,000 permanent jobs and support thousands of construction roles. The project is intended to utilize iron ore from a company-owned mine in Minnesota, creating a domestic supply chain. Following the announcement, Iowa lawmakers began discussions regarding state tax incentives to support the project's development in Lee County.