Watch: Trump announces plan for $15 billion steel plant, would be largest in U.S.
President Donald Trump announced Mesabi Metallics' plan to invest about $15 billion in a steel plant in Iowa.
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The planned steel plant aims to begin production
The planned steel plant aims to begin production in 2030 and would create an estimate 1,750 full-time jobs, a White House official said.
Trump is joined in the Oval Office by
Trump is joined in the Oval Office by Mesabi Metallics CEO Joe Broking and Chairman Rewant Ruia, Commerce Secretary Howard Lutnick, Export-Import Bank Chairman John Jovanovic and others, according to the official.
President Donald Trump on Monday announced a steel-making
President Donald Trump on Monday announced a steel-making company's plan to invest about $15 billion to build what would be the largest plant of its kind in U.S. history.
The Oval Office announcement with Mesabi Metallics, which
The Oval Office announcement with Mesabi Metallics, which began after 2 p.m. ET, came just weeks before the November midterm election, which is poised to be shaped by Americans' increasingly sour views of Trump's handling of the economy.
The steel plant is planned to be built
The steel plant is planned to be built in in Iowa and aims to begin production in 2030, a White House official told CNBC on condition of anonymity ahead of the Oval Office event. The Wall Street Journal first reported the announcement earlier Monday morning.
Mesabi Metallics, based in Nashwauk, Minnesota, told CNBC
Mesabi Metallics, based in Nashwauk, Minnesota, told CNBC the project will deliver "100% American steel: mined, melted and poured in Minnesota and Iowa." The company confirmed that its chairman, Rewant Ruia, would speak alongside Trump at the White House event.
The steel plant will use iron ore from
The steel plant will use iron ore from Mesabi's mine on Minnesota's Iron Range, a more than $2.5 billion project that is just beginning production after roughly two decades in development. That project was beset by controversies and setbacks, including Essar Steel Minnesota filing for bankruptcy in 2016. Mesabi is part of the Essar Group, an Indian conglomerate.
The first phase of the Iowa steel plant
The first phase of the Iowa steel plant is estimated to produce some 7.5 million tons per year, supporting up to 6,000 construction jobs, according to the White House. It is slated to eventually ramp up to 10 million tons annually and support at least 1,750 permanent jobs, the official told CNBC. The Minnesota mine project has reportedly created 200 full-time jobs out of an anticipated 350 total, according to Minnesota Public Radio.
In addition to Ruia, Trump was scheduled to
In addition to Ruia, Trump was scheduled to be joined in the Oval Office by Mesabi Metallics CEO Joe Broking, as well as Commerce Secretary Howard Lutnick and Export-Import Bank Chairman John Jovanovic, the official said. Other attendees included the White House's National Energy Dominance Council Executive Director Jarrod Agen and National Security Council senior director for Global Supply Chain David Copley. Read more CNBC politics and policy coverage
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Watch: Trump announces plan for $15 billion steel plant, would be largest in U.S. history
President Donald Trump announced Mesabi Metallics' plan to invest about $15 billion in a steel plant in Iowa.
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Source: CNBC