Trump to unveil $15 billion steel plant project, touted as largest in U.S. history

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President Donald Trump is set to announce on Monday a Minnesota company's project to construct a $15 billion steel mill in Iowa, according to a White House official.

The administration is highlighting this major industrial investment as it works to promote domestic manufacturing ahead of the November midterm elections.

Trump will introduce the project at the White House with representatives from Mesabi Metallics, the business responsible for recently opening Minnesota's first new iron ore mine in 50 years, the official said.

The Wall Street Journal was the first outlet to report the announcement.

The enterprise will feature complete vertical integration, with Mesabi leveraging iron ore from its Minnesota location to produce steel at the Iowa plant.

The initial stage will generate 7.5 million tons of steel annually, with overall output expected to ultimately reach 10 million tons, creating what the White House called the largest steel plant in U.S. history.

Representing a $2.5 billion investment, the Minnesota mine is set to yield around 350 positions, while the steel plant in Iowa should supply at least 1,750 permanent jobs, according to the official.

The development's first phase is also expected to support 5,000 to 6,000 construction jobs.

"President Trump is delivering on his promise to rebuild American industry, reshore manufacturing, and create new jobs," White House spokeswoman Taylor Rogers said.