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Trump Announces $15B Iowa Steel Plant by 2030

By Drooid · Oct 2, 2026, 2:56 PM UTC · How we work

Summary

Trump Announces Iowa Steelplant

U.S. President Donald Trump announced a $15 billion steel plant in Iowa.
Mesabi Metallics, a Minnesota firm owned by India’s Essar Group, will construct the plant.
Phase 1 will produce 7.5 million tons of steel annually, rising to 10 million later.
Construction could employ 5,000–6,000 workers and later provide 1,750 permanent jobs.
First steel production is slated for 2030, pending permits and state incentives.

Summary

Mesabi Sells Royalty

Mesabi Metallics sold a 50 % royalty interest for $265 million to The Metals Royalty Company (NASDAQ: TMCR).
The privately held firm has no stock ticker or public earnings reports.
Essar Group, an Indian family-controlled conglomerate, contributed over $2 billion in equity to the Minnesota steel project.
Breakwall Capital and Macquarie provided recent private financing facilities for the project.

History

Historical Context

The 1974 U.S. steel crisis, triggered by soaring oil prices and foreign competition, forced dozens of plants to shut down. In that year, U.S. Steel reported a 12% production decline, equating to roughly 10 million tons lost nationwide. Today, Donald Trump’s $15 billion Mesabi Metallics steel plant, backed by India’s Essar Group and financing from Macquarie, mirrors attempts to revive domestic capacity. If the project reaches its 2030 target, it could offset the 10 million-ton shortfall that plagued the 1970s, reshaping U.S. industrial self-sufficiency.

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Trump Announces Iowa Steelplant

U.S. President Donald Trump announced a $15 billion steel plant in Iowa.
Mesabi Metallics, a Minnesota firm owned by India’s Essar Group, will construct the plant.
Phase 1 will produce 7.5 million tons of steel annually, rising to 10 million later.
Construction could employ 5,000–6,000 workers and later provide 1,750 permanent jobs.
First steel production is slated for 2030, pending permits and state incentives.

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