Trump's 2 p.m. announcement- $15B steel plant

quote:

---

President Donald Trump on Monday will announce a steel-making company’s plan to invest about $15 billion to build what would be the largest plant of its kind in U.S. history, a White House official confirmed to CNBC.

The Oval Office announcement with Mesabi Metallics, set for 2 p.m. ET, comes just weeks before the November midterm election, which are poised to be shaped by Americans’ increasingly sour views of Trump’s handling of the economy.

The steel plant is planned to be built in in Iowa and aims to begin production in 2030, said the official, who spoke on condition of anonymity ahead of the White House event.

The Wall Street Journal first reported the scheduled announcement earlier Monday morning.

Mesabi Metallics, based in Nashwauk, Minnesota, told CNBC the project will deliver “100% American steel: mined, melted and poured in Minnesota and Iowa.”

The company confirmed that its chairman, Rewant Ruia, is scheduled to speak alongside Trump at the White House event.

The steel plant will use iron ore from Mesabi’s mine on Minnesota’s Iron Range, a more than $2.5 billion project that is just beginning production after roughly two decades in development. That project was beset by controversies and setbacks, including Essar Steel Minnesota filing for bankruptcy in 2016. Mesabi is part of the Essar Group, an Indian conglomerate.

The first phase of the Iowa steel plant is estimated to produce some 7.5 million tons per year, supporting up to 6,000 construction jobs, according to the White House. It is slated to eventually ramp up to 10 million tons annually and support at least 1,750 permanent jobs, the official told CNBC. The Minnesota mine project has reportedly created 200 full-time jobs out of an anticipated 350 total, according to Minnesota Public Radio.

In addition to Ruia, Trump will be joined in the Oval Office by Mesabi Metallics CEO Joe Broking, as well as Commerce Secretary Howard Lutnick and Export-Import Bank Chairman John Jovanovic, the official said. Other attendees include the White House’s National Energy Dominance Council Executive Director Jarrod Agen and National Security Council senior director for Global Supply Chain David Copley.

---