US President Donald Trump has announced plans for a $15 billion steel plant to be developed in eastern Iowa. The project, described as the largest of its kind in American history, will be undertaken by Mesabi Metallics, a steel company owned by the India-based Essar Group. Construction has already commenced, with production anticipated to begin in 2030.

The planned facility is expected to utilize iron ore sourced from Mesabi Metallics’ mine in Minnesota, producing high-quality steel for the US market. It is estimated that the project will create up to 6,000 construction jobs and nearly 2,000 manufacturing and mining jobs, providing a significant boost to the local economy.

The expansion is set to receive substantial federal backing, with the US Export-Import Bank offering up to $10 billion in financing. According to company chairman Rewant Ruia, most critical materials for the plant will be sourced domestically, though some specialized materials may need to be imported.

President Trump attributed the decision to invest in domestic manufacturing to his administration’s tariffs on imported goods, which he said have encouraged companies to prioritize US-based projects. The announcement arrives at a politically strategic time as Iowa approaches the 2026 Senate election, with industrial investment and job creation being key issues in the state.