Trump announces $15B Iowa steel plant backed by Essar Group, 2030 production target

President Trump announced a $15 billion steel plant in Iowa backed by India's Essar Group. Production is expected to begin in 2030. The plant will create more than 2,000 jobs and eventually produce 10 million tons of steel annually. The project will be supplied by a new $2.5 billion iron ore mine in Minnesota. The announcement comes as the Trump administration pushes to expand domestic steel production following 50% tariffs on steel and aluminum.