Trump made the announcement at the White House alongside Essar Group co-founder Ravi Ruia and Mesabi Metallics Chairman Rewant Ruia. He described the planned facility as the largest steel plant in American history and one of the largest of its kind in the world.
The facility is expected to have an annual steel production capacity of approximately 10 million tonnes once fully operational, with production targeted to begin in 2030. The project is also expected to generate thousands of construction jobs and create nearly 2,000 permanent positions across the steel and mining operations.
Integrated Mine-to-Mill Supply Chain
The Iowa steel plant is expected to form part of an integrated U.S. supply chain, with iron ore sourced from a new mine being developed by Mesabi Metallics in Minnesota’s Mesabi Iron Range.
The company has invested approximately $2.5 billion in the Minnesota mining project, which is expected to produce around 7.5 million tonnes of iron ore annually and create approximately 350 jobs.
Rewant Ruia said that although he was born in India, he studied in New York, Boston and California and has spent about half of his life in the United States. He described the investment as a “true homecoming” and said the project would establish an integrated supply chain spanning from mining to steel production.
Trump emphasized that the project would rely on domestically sourced iron ore. He said the Minnesota operation would be the first new iron ore mine in the United States in more than 50 years and would produce high-quality ore.
The project is intended to create a largely domestic production chain in which iron ore is mined in Minnesota and processed into steel at the Iowa facility.
Rewant Ruia also said the planned plant would use advanced technology and would compete globally in terms of scale, quality and cost.
Trump and U.S. Commerce Secretary Howard Lutnick linked the investment in part to the administration’s steel tariffs. Trump said companies were choosing to invest in U.S. production because they wanted to avoid paying tariffs on imported steel.
