US President Trump will announce that a Minnesota company plans to invest $15 billion to build a new steel plant in Iowa. Right now, on the eve of the midterm elections, Trump hopes to respond to voters' dissatisfaction with the current state of the economy. White House officials said Trump is expected to announce the investment plan at the White House on Monday afternoon, and Mesabi Metals executives will attend. The company recently put into operation the first new iron ore project in Minnesota in 50 years. The Iowa steel mill is expected to start steelmaking in 2030, creating more than 1,700 jobs. The steel mill proposed by Mesabi will rank among the largest steel mills in the US, with an annual production capacity of 7.5 million tons in the first phase; after subsequent expansion, the annual production capacity is expected to increase to about 10 million tons. The steel mill is located in eastern Iowa and can rely on the Mississippi River to transport iron ore from its own mines. The company plans to equip the factory area with ore processing equipment. After processing iron ore, use scrap steel to make steel in electric arc furnaces. Messabi estimates that the total investment for the two ore processing and steelmaking projects is about US$15 billion.

US President Trump will announce that a Minnesota company plans to invest $15 billion to build a new steel plant in Iowa. Right now, on the eve of the midterm elections, Trump hopes to respond to voters' dissatisfaction with the current state of the economy. White House officials said Trump is expected to announce the investment plan at the White House on Monday afternoon, and Mesabi Metals executives will attend. The company recently put into operation the first new iron ore project in Minnesota in 50 years. The Iowa steel mill is expected to start steelmaking in 2030, creating more than 1,700 jobs. The steel mill proposed by Mesabi will rank among the largest steel mills in the US, with an annual production capacity of 7.5 million tons in the first phase; after subsequent expansion, the annual production capacity is expected to increase to about 10 million tons. The steel mill is located in eastern Iowa and can rely on the Mississippi River to transport iron ore from its own mines. The company plans to equip the factory area with ore processing equipment. After processing iron ore, use scrap steel to make steel in electric arc furnaces. Messabi estimates that the total investment for the two ore processing and steelmaking projects is about US$15 billion.