Mesabi Metallics will invest $15 billion in an Iowa-based facility to produce 10 million tons of steel annually starting in 2030, President Trump announced during an event in the Oval Office on Monday. The project, billed as the largest steel plant in U.S. history, is expected to create 6,000 construction jobs and 1,750 permanent positions while adding $95 billion to the American economy, according to figures cited by the White House and officials.

The plant will utilize a domestic supply chain relying on iron ore from the Minnesota Iron Range. Trump attributed the investment to his 50% steel tariffs, a sentiment echoed by Secretary Howard Lutnick who linked the project to Section 232 tariffs. During the presentation, Trump claimed the U.S. has surpassed Japan in steel production and attacked Minnesota Governor Tim Walz, calling him one of the worst governors in history, as Republicans seek to counter economic voter frustration ahead of the midterm elections.