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On Sept. 28, President Trump announced that a new steel mill will be built near Fort Madison in Lee County, Iowa by Mesabi Metallics. This is incredible news, not just for Iowa, but for the nation. Today's announcement is a once-in-a-generation economic victory for Iowa. Mesabi is making a $15 billion investment to build the largest steel mill in American history right here in Iowa. It's the first mega steel plant built in the U.S. since the 1960s, and it proves that Iowa is leading the nation in industrial growth. The source of the iron ore will be a new mine that is already open in Nashwauk, Minnesota, also owned by Mesabi Metallics.
This project isn’t just huge for Iowa--it's critical for America. By producing 7.5 million tons of domestic steel per year, we are securing our supply chains, cutting reliance on foreign competitors and manufacturing the high-quality flat steel needed for American defense and infrastructure projects.
This project will bring 1,750 permanent, high-paying jobs once production begins in 2030. These are reliable, family-sustaining careers that will allow young Iowans to put down roots, buy homes and build their futures right here. Beyond direct jobs, it will pump billions in tax revenue into our communities and significantly grow state GDP.
A project of this historic size coming to Iowa isn’t an accident. It's direct proof that our work in the Iowa House to cut red tape, lower corporate tax rates, lower personal income tax rates to a 3.8% flat tax and build a stable, competitive business climate is paying off. Major employers know that Iowa is open for business and that we back our workforce.
Bringing major employers to invest in Iowa and create good-paying jobs has always been a top priority of the House Republican caucus. While there is talk of state incentives, our job in the House is to protect the taxpayer. We will thoroughly review every detail of any proposal that comes before us to ensure it delivers a strong return on investment for Iowa families while keeping our state budget balanced. Incentives will depend on the company meeting benchmarks in hiring and pay scale.
Of course, this new plant will spur further growth in that region as the plant comes on line. Peripheral businesses that supply the plant with other materials and supplies will spring up. Motels, restaurants and of course housing will all develop around the plant, and all the prosperity that comes from all those newly created jobs and businesses.
The legislature has been called into a special session in order to pass further legislation to help bring this project to Iowa. This project is even larger than any we had dared dream of, so some adjustments are needed. Stay tuned for more news in the coming weeks and months.