ICYMI: President Trump Announces Largest-Ever Steel Plant Coming to Iowa

According to the White House, the project will create 1,750 new, permanent jobs[3] and support up to 6,000 construction jobs. CNBC reports that the White House expects the plant to eventually ramp up to 10 million tons annually[4].NBC News reports that the plant will use iron ore from a new mine that the company invested $2.5 billion to build in Minnesota.[5] The Iowa Capital Dispatch says Mesabi Metallics is owned by the India-based Essar Group.[6]Trump said in the Oval Office, as quoted by NBC News, that "now our steel industry is roaring back to life,"[5] and he credited his 50% tariffs on foreign steel.CBS News reports that the announcement comes as several Iowa Republicans face competitive elections in the November midterms, including the party's candidates for Senate and governor.[1]CNBC reports that Lutnick said in the Oval Office that the plan is a "done deal."[4] CNBC also cites Minnesota Public Radio as reporting that construction on the Minnesota iron mine was supposed to finish by 2016, prior to the company behind the project filing for bankruptcy[4].According to the Iowa Capital Dispatch, it is not yet clear whether local or state tax incentives have been brought forward as part of the construction.[6]