Trump Announces 20.4 Trillion-Won Project to Build Iowa's Largest-Ever Steel Mill

[Financial News] U.S. President Donald Trump announced a project to build the largest steel mill in history in Iowa, where a close race is expected in this year's midterm elections.
President Trump unveiled an investment plan on the 28th, local time, to build a large steel mill in Iowa worth $15 billion (about 20.4 trillion won).
Speaking at the White House, he said, "I am very pleased to announce that Mesabi Metallics will build the largest steel mill in American history in great Iowa." He added, "This steel will be mined, smelted and made right here in America," explaining that once completed, the mill would use iron ore mined in the State of Minnesota to produce 10 million tons of steel annually.
Mesabi Metallics is an iron ore mining and processing company headquartered in the State of Minnesota and an affiliate of Indian conglomerate Essar Group. The company recently opened an iron ore mine in the State of Minnesota. Mesabi Metallics plans to produce steel in Iowa using iron ore mined in the State of Minnesota. It will produce 7.5 million tons annually in the first phase and eventually expand its production capacity to 10 million tons per year.
President Trump said, "Immediately after taking office, I imposed a strong 50% tariff on all foreign steel, and now our steel industry is roaring back," adding, "Everyone is building factories here because they don't want to pay tariffs."
He then claimed that the tariff policy was generating hundreds of billions of dollars in profits, saying, "This is one of the reasons we can give $5,000 (about 6.7 million won) to every adult if Republicans take control of the House and Senate." He reiterated his promise to pay the so-called "Trump dividend" if Republicans win the midterm elections.
The White House said in a press release that the project "is expected to create 1,750 permanent jobs in Iowa, support up to 6,000 construction jobs and add $95 billion (about 129.2161 trillion won) to the U.S. economy over the next 10 years."
According to the White House, the United States surpassed Japan in crude steel production in 2025 for the first time since 1999, becoming the world's third-largest steel-producing country.
The White House said, "Raw steel production has increased by 9% since President Trump took office," adding, "After nearly 10,000 steelworker jobs disappeared under the previous administration, about 6,000 jobs have been added."
With voter dissatisfaction over rising prices and other issues growing ahead of the November midterm elections, President Trump has been focusing on promoting his economic achievements. The latest announcement came amid those efforts.
President Trump has repeatedly emphasized the rationale for his tariff policy, saying that high tariffs are bringing manufacturing investment and jobs that had moved overseas back to the United States.
At the announcement event, Commerce Secretary Howard Lutnick said, "This is what tariffs under Section 232 of the Trade Expansion Act of 1962 (Section 232)—the steel tariffs—actually look like in action," claiming, "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. However, this year's midterm elections are expected to feature tight races for one Republican-held Senate seat and three House districts.

[email protected] Lee Seok-woo, international affairs correspondent Reporter