Record Iowa Steel Plant
Mesabi Metallics Plans $15 Billion Iowa Steel Plant Set For 2030
Anonymous
President Donald Trump is expected to announce Mesabi Metallics’ plan to build a $15 billion steel plant in eastern Iowa, which the White House says would be the largest in U.S. history. Production is targeted to begin by 2030, with an initial annual capacity of 7.5 million tons and potential expansion to about 10 million tons, using iron ore from the company’s Minnesota mine. The vertically integrated mine-and-plant operation represents nearly $18 billion in combined investment and is projected to create 1,750 permanent Iowa jobs and 5,000 to 6,000 construction jobs. The project is intended to strengthen domestic steel supply and support defense needs. Iowa lawmakers may be asked to approve tax incentives, and the announcement comes shortly before midterm elections as economic concerns weigh on Republicans.
Key Points
1
Mesabi Metallics says the project’s first phase is expected to generate $95 billion in economic impact over construction and the first 10 years of operation.
2
The Minnesota mine supplying the plant is described as the first new iron ore mine in the U.S. in 50 years; it is expected to create 350 Minnesota jobs.
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The plant would be the first U.S. mega-steel plant built since the 1960s, as most recent U.S. steel plants have been smaller electric-arc-furnace facilities.
4
Lee County property owners said a commercial real estate agent had recently approached them about buying land without identifying the client, while the deal could affect Iowa’s competitive governor’s race.
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