President Donald Trump announced a new $15 billion steel plant in Iowa at an Oval Office event on Monday.
Here is everything to know about the mega steel plant.
What the plant will be
The plant will be built by Mesabi Metallics. The official said it is the first mega-steel plant in the United States since the 1960s. It will be the largest in American history and will be able to make high-grade steel suitable for military use from 2030.
As per Newsweek, the plant is expected to produce 7.5 million tons of steel each year after the first phase is completed. It will use American raw materials and will not rely on imports, the White House said.
Production could rise to 10 million tons a year once the plant is fully built, making it one of the largest steel plants in the US.
Gary Works, a US Steel plant in Gary, Indiana, currently has a capacity of 7.5 million net tons of steel per year, according to the Indiana Department of Environmental Management. The new Iowa plant is expected to match that capacity in its first phase and could produce even more later.
{{/usCountry}}Gary Works, a US Steel plant in Gary, Indiana, currently has a capacity of 7.5 million net tons of steel per year, according to the Indiana Department of Environmental Management. The new Iowa plant is expected to match that capacity in its first phase and could produce even more later.
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Mine, jobs and location
As per reports, Mesabi Metallics recently invested $2.5 billion in a new iron ore mine in Minnesota. A White House official said the mine will help keep the entire project in the US, from mining to steel production.
The mine is expected to produce 7.5 million tons of iron ore a year and create 350 jobs in Minnesota.
The Iowa steel plant will create 1,750 permanent jobs and 5,000 to 6,000 construction jobs during its first phase. The phase is expected to have a $95 billion net economic impact during construction and the plant’s first 10 years of operation.
Mesabi Metallics has not officially announced the plant’s location. However, several Iowa media outlets expect it to be built in Lee County in southeastern Iowa, near the Mississippi River.
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Who will attend and what the White House says
According to Newsweek, Trump is joined by business figures and officials, including Commerce Secretary Howard Lutnick and Mesabi Metallics Chairman Rewant Ruia. Jarrod Agen of the National Energy Dominance Council will also be there.
White House spokesperson Taylor Rogers said in a statement, “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.”