Mesabi Metallics is a Minnesota-based steel and mining company which is set to build a $15 billion steel plant in Iowa. This makes it the largest of its kind in U.S. history.
President Donald Trump is set to unveil the project at a White House event on Monday, September 28.
The company is owned by the Indian conglomerate Essar Group, chaired by Rewant Ruia. The current president and CEO is Joe Broking.
The planned Iowa steel plant will be fully vertically integrated, using iron ore from Mesabi’s Minnesota mine to produce steel in Iowa. In the first phase, it is expected to create at least 1,750 permanent jobs and support up to 6,000 construction jobs. Production is slated to begin in 2030.
Mesabi Metallics CEO Joe Broking and Chairman Rewant Ruia are also scheduled to appear alongside Trump at the White House announcement. Commerce Secretary Howard Lutnick and Export-Import Bank Chairman John Jovanovic will also attend.
The Export-Import Bank will issue up to $10 billion in financing for the mine’s expansion. The White House said the Iowa facility will have the capacity to meet defence sector needs for high-grade steel, generating around $95 billion in total economic impact during construction and its first decade of operation.
The announcement comes weeks after the November midterm elections, as Trump seeks to highlight his economic agenda and domestic manufacturing push.
2026-09-28 23:01:00
