President Donald Trump unveiled Mesabi Metallics’ 10‑million‑tonne steel plant in Iowa during a ceremony in the Oval Office, calling the facility the largest steel plant ever built in the United States.
The $15 billion project, part of an $18 billion overseas investment, plans to produce 10 million tonnes of steel annually by 2030, sourcing iron ore from Mesabi’s Minnesota reserves and completing the entire production chain domestically. Trump praised the move as a victory for American industry, citing the 50 percent tariff on imports as a catalyst for domestic capacity. The announcement coincided with a rally in Iowa, a key Republican battleground, and was attended by state lawmakers including Senator Joni Ernst and Representative Ashley Hinson. Trump highlighted the project’s role in boosting jobs in the state and aligning with his administration’s manufacturing agenda. Founded by brothers Shashi and Ravi Ruia in 1969, Essar Group has built the largest single‑location steel plant in Gujarat and recently acquired Shell’s Stanlow refinery, positioning it as a global industrial player. Mesabi Metallics, headquartered in Nashwauk, Minnesota, has operated since 2007 after acquiring Minnesota Steel. Mesabi Metallics will now secure permits and begin site preparation in early 2025, with construction slated to start in late 2025 and production commencing in 2030, a timeline that will be closely monitored by the U.S. Department of Commerce.