Trump unveils plan for $15bn Iowa steel plant he calls biggest in US history
President seeks midterms boost as White House says project, built by Indian-owned company, will begin in 2030
TL;DR
- Donald Trump announced a $15 billion steel plant in Iowa, claiming it to be the largest in U.S. history.
- The plant will be built by the foreign-owned steelmaker Mesabi Metallics, owned by India-based Essar Group.
- It is projected to create up to 6,000 construction jobs and nearly 2,000 manufacturing and mining jobs.
- The Export-Import Bank, a federal agency, will provide up to $10 billion in financing for the project.
- Production is expected to begin in 2030, after the November elections.
- Trump credited his tariffs for attracting this investment, stating companies build plants in the U.S. to avoid them.
- The announcement was made in the Oval Office with Iowa Republicans, including Ashley Hinson, who is running for Senate.
- Mesabi Metallics chairman acknowledged that some materials for the plant might need to be imported.