Trump to announce planned $15 billion steel plant, would be largest in U.S. history

US President Donald Trump speaks to members of the media on the South Lawn of the White House before boarding Marine One in Washington, DC, US, on Saturday, Sept. 26, 2026. Samuel Corum | Bloomberg | Getty ImagesPresident Donald Trump on Monday will announce a steel-making company's plan to invest about $15 billion to build what would be the largest plant of its kind in U.S. history, a White House official confirmed to CNBC. The Oval Office announcement with Mesabi Metallics, set for 2 p.m. ET, comes just weeks before the November midterm election, which are poised to be shaped by Americans' increasingly sour views of Trump's handling of the economy.The steel plant is planned to be built in in Iowa and aims to begin production in 2030, said the official, who spoke on condition of anonymity ahead of the White House event.The Wall Street Journal first reported the scheduled announcement earlier Monday morning. Mesabi Metallics, based in Nashwauk, Minnesota, told CNBC the project will deliver "100% American steel: mined, melted and poured in Minnesota and Iowa."The company confirmed that its chairman, Rewant Ruia, is scheduled to speak alongside Trump at the White House event.The stee...