Ore producer Mesabi Metallics is aiming to build what would be the largest steel plant in the U.S., with plans to invest $15 billion in a steelmaking facility in Iowa.
According to a September 28 release, the facility is projected to have the capacity to churn out 10 million tons of steel annually once it's fully up and running. At the moment, the largest operating steel plant in the country is U.S. Steel's facility in Gary, Indiana, which produces roughly 7.5 million tons of steel annually.
“Mesabi is building a world-class steel supply chain that is 100% American," said Mesabi CEO Joe Broking. "Our investment will create high-paying jobs with competitive benefits in Iowa and Minnesota, generate tens of billions of dollars in U.S. economic activity, and strengthen our domestic manufacturing base."
Scheduled to begin production in 2030, the plant will take iron ore pellets mined by Mesabi in Minnesota, and then melt that down with scrap steel in electric arc furnaces to make steel. The company said that it will spend $15 billion on building the Iowa facility, while another $3 billion will go toward completing construction on the Minnesota ore mine.
Between construction and the first 10 years of operations, the Iowa facility is expected to produce $95 billion in total economic output, while supporting more than 6,000 construction jobs, and another 1,750 permanent jobs at the plant once it opens.
