A foreign-owned industrial group has secured federal loans to establish a metal production hub in the American heartland. The U.S. Export-Import Bank is providing as much as $10 billion in financing for a $15 billion facility in Iowa, which President Trump announced on Monday as the largest steel plant in U.S. history. The plant, owned by India's Essar Group via Mesabi Metallics, is scheduled to start producing 10 million tons of steel annually by 2030, drawing raw materials from a $2.5 billion iron ore mine in Minnesota and creating 1,750 permanent jobs.

The announcement in the Oval Office on Sept. 28 was marked by reports from observers and social media that Trump appeared to fall asleep and slump forward in his chair during the event. While critics cited Essar's history of bankruptcy in Minnesota to question the project's 'America First' branding, Trump used the presentation to attack Governor Tim Walz, calling him one of the worst governors in history. Trump and Secretary Howard Lutnick attributed the investment to the administration's use of Section 232 steel tariffs to revive domestic manufacturing ahead of the midterm elections.