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Trump unveils plans for a $15 billion steel mill in Iowa
NBC News • • nation
Key Points:
- President Donald Trump announced a $15 billion steel mill project in Iowa by Mesabi Metallics, aiming to start production by 2030 and create 1,750 permanent jobs.
- The plant will produce 10 million tons of steel annually, using iron ore from a new $2.5 billion mine in Minnesota’s Mesabi Iron Range, the first new U.S. iron ore mine in over 50 years.
- The facility is designed to support defense sector needs with high-grade steel and is backed by up to $10 billion in financing from the Export-Import Bank.
- Trump highlighted his administration’s steel tariffs, currently at 50%, as a key factor in revitalizing the U.S. steel industry and encouraging domestic production.
- Steel industry groups have urged Trump to maintain tariffs to protect ongoing investments and jobs in the American steel sector.
