President Donald Trump will announce a plan for a $15 billion steel mill in Iowa on Monday.
\n\nMesabi Metallics is building the plant with the aim of starting production by 2030, a White House official said. The facility is expected to produce 10 million tons of steel a year and create as many as 1,750 permanent jobs in the state, the official said.
\n\nThe plant will be capable of supporting defense sector requirements for high-grade steel, the official said.
\n\nThe Wall Street Journal was first to report on the new facility.
\n\nThe plant will use iron ore from a new mine that the company invested $2.5 billion to build in Minnesota. The mine, which will come on line in the coming weeks, will produce about 7.5 million tons of iron per year and create about 350 jobs in the state, the White House official said, noting that it will be the first new iron mine in the U.S. in 50 years.
\n\nThe mine is based in Minnesota’s Mesabi Iron Range, which stretches 80 to 100 miles and contributed about 60% of total iron ore production in the U.S. during the 20th century, according to the U.S. Geological Survey.
\n\n“Trump is…
Original source: https://www.nbcnews.com/business