Trump unveils plan for $15bn Iowa steel plant he calls biggest in US history

Former President Donald Trump unveiled a plan for an $15 billion steel plant in Iowa, claiming it would be the largest of its kind in U.S. history. The plant, being constructed by the Indian-owned Mesabi Metallics, is expected to commence production in 2030 and will be located in eastern Iowa. The project aims to produce high-quality, affordable steel globally.

Trump highlighted the plant's potential to create thousands of jobs and contribute $95 billion to the U.S. economy. He positioned the announcement as a jobs message for voters in Iowa, a state that could influence the outcome of the Senate in November. The plant will utilize iron ore from Mesabi's mine in Minnesota, which once produced about 60% of U.S. iron ore in the 20th century.

Trump also criticized Minnesota's Democratic Governor Tim Walz, accusing him of being a "real stupid guy" while praising the state's iron ore production. The Mesabi Metallics company is owned by the India-based Essar Group, and the U.S. government, through the Export-Import Bank, will provide up to $10 billion in financing for the expansion.

Trump attributed the investment to his tariffs, arguing that foreign companies prefer U.S. markets without the burden of taxes.