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Mesabi, an Essar Group affiliate from India, to build a steel mill in Iowa... "Largest in US history"
Mentions '50% steel tariffs', saying "Factories are being built in the US because of tariffs"
US President Donald Trump on the 28th (local time) announced an investment plan to build a large steel mill worth 15 billion dollars (approximately 20.4 trillion won) in Iowa.
President Trump said at the White House on that day, "I am very pleased to announce that Mesabi Metallics will build the largest steel mill in American history in the great state of Iowa."
He continued, "This steel will be mined, smelted, and made right here in America," explaining that once the steel mill is completed, it will produce 10 million tons of steel annually using iron ore mined in Minnesota.
He also said, "Immediately after taking office, I imposed strong 50% tariffs on all foreign steel, and now our steel industry is revitalized again," 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, and reiterated his promise to pay a so-called 'Trump dividend' of 5,000 dollars (approximately 6.7 million won) to every adult if the Republican Party controls the House and Senate, upon winning the midterm elections.
Mesabi Metallics is an iron ore mining and processing company headquartered in Minnesota, and an affiliate of the Indian conglomerate Essar Group. The company recently opened an iron mine in Minnesota.
Mesabi Metallics plans to produce steel in Iowa using iron ore mined there. In the first phase, it will produce 7.5 million tons annually, and eventually expand its production capacity to 10 million tons annually.
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 approximately 350 jobs through the Minnesota mine and at least 1,750 full-time jobs through the Iowa steel mill.
Ahead of the November midterm elections, as voters' dissatisfaction with rising prices and other issues grew, President Trump focused on promoting economic achievements, and this announcement was made in this context.
President Trump has repeatedly emphasized the legitimacy of his tariff policy, stating that manufacturing investments and jobs that had moved overseas are returning to the US through high tariffs.
Commerce Secretary Howard Lutnick said at the announcement event, "This is how (Trade Expansion Act) Section 232 tariffs, steel tariffs, actually work," adding, "Without those tariffs, neither this mine nor this steel mill would have been built."
Iowa is a Republican stronghold where President Trump won decisively in the 2024 presidential election, but in this year's midterm elections, fierce competition is expected for one Senate seat and three House districts currently held by Republicans.
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