Trump, Facing Urgent Elections, Announces $15B Steel Mill Investment in Iowa, Crediting Tariffs

U.S. President Donald Trump has announced an investment plan to build a large-scale steel mill worth $15 billion, or approximately 20.4 trillion won, in the state of Iowa.

Speaking at the White House on the 28th local time, President Trump stated, "I am thrilled to announce that Mesabi Metallics is going to build the largest steel mill in American history in the great state of Iowa."

Trump explained, "This steel will be mined, smelted, and made right here in the United States," adding that once completed, the mill will use iron ore mined in Minnesota to produce 10 million tons of steel annually.

He also noted, "Right after taking office, I placed a strong 50% tariff on all foreign steel, and now our steel industry is roaring back to life," and added, "Everybody is building plants here because they do not want to pay the tariffs."

Claiming that tariff policies are generating hundreds of billions of dollars in profits, Trump repeatedly promised the payout of the so-called "Trump Dividend" should they win the midterm elections, stating, "This is one of the reasons why, when Republicans take over the House and the Senate, we can give $5,000 to every single adult."

Mesabi Metallics is a Minnesota-based iron ore mining and processing company, and an affiliate of India's conglomerate Essar Group.

The company recently opened an iron ore mine in Minnesota.

Mesabi Metallics plans to use the iron ore mined there to produce steel in Iowa.

In the first phase, it aims to produce 7.5 million tons annually, with production capacity ultimately expanding to 10 million tons per year.

A White House official told Reuters that the first phase of the project alone is expected to create 5,000 to 6,000 jobs, including about 350 jobs through the Minnesota mine and at least 1,750 full-time jobs through the Iowa steel mill.

With growing voter discontent over inflation and other issues ahead of the November midterm elections, President Trump has been focusing on promoting his economic achievements, and this announcement came amid such circumstances.

Trump has repeatedly emphasized the justification for his tariff policies, claiming that high tariffs are bringing manufacturing investments and jobs that had left overseas back to the United States.

Commerce Secretary Howard Lutnick said at the announcement event, "This is what Section 232 tariffs, steel tariffs, actually look like in action," adding, "Without those tariffs, neither this mine nor this steel mill would have been built."

Iowa is a Republican stronghold where President Trump won by a wide margin in the 2024 presidential election, but fierce competition is expected in this year's midterm elections for one Senate seat and three House districts currently held by Republicans.

(Photo: Getty Images)
※ Please note: This article was translated by AI and may contain errors.