Trump admin unveils $15 BILLION investment in new Iowa steel plant from Mesabi Metallics

The plan was announced on Monday, with Mesabi Metallics unveiling a plan to build a $ 15 billion steel plant with production starting in 2030, according to a White House official who spoke to CNBC. Mesabi Metallics, which is based in Minnesota, said that the steel plant project will develop “100% American steel: mined, melted and poured in Minnesota and Iowa.”

The mill will use ore from Mesabi's mine in Minnesota and will then be processed at the plant. The first phase of the mill project is expected to process 7.5 million tons of steel per year and support 6,000 construction jobs. It is expected that the plant will ramp up production and be able to churn out 10 million tons of steel annually and keep 1,750 permanent jobs onsite.

“This steel will be mined, melted, and made right here in the USA, which is something very unusual,” Trump said during an Oval Office announcement.

"The project is expected to create up to 6,000 new construction jobs, nearly 2,000 manufacturing or mining jobs, and add another $95 billion to the U.S. economy, which is the number one economy in the world by far. We have the best economy we’ve ever had. We’re building $21 trillion worth of plants and other, now I think we can add this to it. I’m not even including this, but this is a tremendous investment," Trump added.

"The plant will produce some of the highest quality, most affordable steel anywhere in the world. They’re going to be making it here and using it here and also shipping it outside and do very well. This announcement is only possible because of the pro-American policies of the Trump administration," he added.

The Trump administration has been hitting steel imports with tariffs, as officials with the White House have spoken about the reinvigoration of American infrastructure and manufacturing so that more physical materials are made in America.