Donald Trump used a closely guarded Oval Office announcement Monday to unveil what the White House described as the largest steel plant ever built in the United States.
“When it comes to national security, I would say steel is number one on your list,” Trump said. “If we don’t make it ourselves, we really can’t defend ourselves.”
The president highlighted a planned $15 billion investment by foreign-backed Mesabi Metallics, saying the company would use overseas capital from “the highest sources” and “most respected people anywhere in the world” to build a major facility in Iowa.
Trump also insisted the project would survive any change in administration, saying contractual guarantees meant it would be completed “100 percent” regardless of who occupies the White House. He predicted the development would quickly revive the surrounding economy, creating “6,000 construction jobs” in a region he said had been “sort of left behind for a lot of wrong reasons.”
Mesabi, however, does not anticipate producing its first steel at the Iowa site until 2030.
The announcement comes as Iowa’s Senate contest between Republican Congresswoman Ashley Hinson and Democratic candidate Josh Turek is emerging as one of the nation’s most competitive races.
Trump offered strong support for Hinson during Monday’s Oval Office event. She is seeking to succeed outgoing Republican Senator Joni Ernst.
“I saw some good polls just recently,” Trump said of Hinson’s campaign, adding that he planned to visit Iowa for a major rally before the election.
A Marist poll released last week showed Hinson trailing Turek by eight percentage points.
Trump praised Hinson, who is campaigning to succeed outgoing Republican Senator Joni Ernst, during Monday’s Oval Office announcement
Hinson, center, faces a closely contested Senate race against Democratic candidate Josh Turek
Donald Trump boards Air Force One at Chicago O’Hare International Airport on Sunday
“President Trump is delivering on his promise to rebuild American industry, bring manufacturing back to the United States and create new jobs,” White House spokeswoman Taylor Rogers said.
“Today’s announcement underscores the President’s historic efforts to revitalize the U.S. steel industry by supporting local communities, strengthening supply chains and protecting our national security.
“After decades of decline, this President is restoring America’s industrial competitiveness and securing trillions of dollars in new investment.”
Commerce Secretary Howard Lutnick and Export-Import Bank chairman John Jovanovic were expected to join Trump, along with Mesabi chairman Rewant Ruia and chief executive Joe Broking.
Mesabi is part of India’s Essar Group, which began work at the Minnesota site in 2008. Essar Steel later filed for bankruptcy in 2016.
Trump celebrates with members of the USA team and their families after the Presidents Cup at Medinah Country Club in Illinois on Sunday
Trump and aide Natalie Harp return to Washington on Sunday night
The steel announcement followed a morning of speculation that Trump might take action to address record diesel prices, which have climbed to $6.52 a gallon as the war in Iran strains energy markets.
Trump said on Sunday he was looking ‘very seriously’ at a diesel export ban ahead of the midterms. ‘We may do it,’ he told Fox News.
Energy Secretary Chris Wright has floated restrictions rather than an outright ban, while the administration was preparing a 90-day ban, Politico reported last week.
Others bet on AI after Trump was scheduled to dine privately with Anthropic CEO Dario Amodei on Sunday night.
Trump is also due to host House Speaker Mike Johnson and tech CEOs for a meeting on artificial intelligence on Tuesday, a source told Reuters.
