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Kevin Dempsey, CEO of the American Iron and Steel Institute, tells Fox News Digital that the massive new factory could help meet growing domestic demand while creating opportunities for U.S. exports.
A steel industry expert on Monday praised President Donald Trump’s announcement of a massive new steel mill in Iowa, arguing that the project will help meet growing domestic demand while creating opportunities to expand U.S. steel exports.
In an interview with Fox News Digital, Kevin Dempsey, CEO of the American Iron and Steel Institute, made the remarks after Trump announced the $15 billion steel project alongside Mesabi Metallics.
The project is expected to eventually produce up to 10 million tons of steel annually, primarily using iron ore from the company’s recently opened Minnesota mine. Once completed, it would be the largest steel production facility in the U.S. and part of an all-American supply chain.
"I think it will be good for the states to have more steel produced here because demand for steel in the United States is growing. ... We want to have advanced steelmaking in the U.S. for domestic industry, for automotive, for construction, for national defense," Dempsey said. "As we continue to grow, we can export more of that steel to other countries."
National Energy Dominance Council Executive Director Jarrod Agen discusses President Donald Trump's historic steel mill announcement in Iowa on 'The Bottom Line.'
According to Dempsey, the U.S. moved up last year to become the third-largest steel producer in the world, surpassing Japan and trailing behind China and India. The U.S. accounts for just 4% of global steel production, he said.
"We're a very vibrant, dynamic industry. We've had a lot of new investment in recent years, thanks to the president's tariffs," Dempsey said. "But there's still room to continue to grow. There's room to further increase domestic production in the U.S. to meet the demands for steel in the U.S. And, so, that's why we're encouraged that there's new steel mills being built."
Kevin Dempsey says increased domestic capacity could allow American steelmakers to sell more steel overseas. (Rebecca Droke/Bloomberg / Getty Images)
Dempsey described steel as "the backbone of manufacturing," noting that industries ranging from energy and automobiles to construction and national defense rely heavily on the material.
Kevin Dempsey, CEO of the American Iron and Steel Institute, tells Fox News Digital that the massive new factory could help meet growing domestic demand while creating opportunities for U.S.