Trump to Tout $15 Billion Iowa Steel Plant Ahead of Midterms

President Donald Trump is expected to announce plans for a $15 billion steel plant in Iowa, a battleground state where voter dissatisfaction with the economy has hurt Republicans ahead of the midterm elections.

Trump on Monday is set to unveil Mesabi Metallics’ effort to build the steelmaking facility in Iowa during an Oval Office event, a White House official said. Steelmaking at the plant could begin by 2030, according to the official. If completed, the plant would be one of the largest in the US.

The Minnesota-based company plans to supply the steel plant with iron ore from its new mine there, the first of its kind opened in five decades, the official said. The Iowa plant is initially meant to produce 7.5 million tons of steel annually and is estimated to support as many as 6,000 construction jobs and 1,750 permanent jobs once the facility is operational.

The Wall Street Journal reported earlier on the plans.

“Today’s announcement underscores the President’s historic efforts to revitalize the U.S. steel industry—supporting local communities, strengthening supply chains, and protecting our national security,” White House spokeswoman Taylor Rogers said in a statement.

The announcement of a new steel plant in Iowa comes amid a pitched election battle over whether Republicans will retain control of Congress in November’s midterm elections — and with the Midwest state playing an unusually central role.

Although Trump won the state in all three of his presidential campaigns, and Republicans now hold all four of Iowa’s seats in the House, the non-partisan Cook Political Report has rated two of those races pitting incumbents against Democratic challengers as a toss up.

Polls show a tight contest between Representative Ashley Hinson, a Republican lawmaker seeking a GOP-held Senate seat, and Democrat Josh Turek. Democrats are also looking to take over the governorship.

A major agricultural state, Iowa’s economy has come under strain from high fuel and fertilizer costs, including record-high diesel prices driven by Trump’s war in Iran. The president’s tariffs and trade brinkmanship have also shrunk farmers’ export markets.

Trump has imposed tariffs on imports and relaxed regulations in a bid to nurture domestic manufacturing of key goods, including metals. Under Trump, the US has imposed a 50% tariff on most raw steel imported to the US, with derivative products generally facing a 25% tariff.

Steelmakers have argued those tariffs are necessary to revive American metal production and boost competition with foreign rivals. In 2025, the US imported some $25 billion worth of steel articles, with the bulk supplied by the European Union and Canada, according to the Congressional Research Service.