Tariffs

Trump's Iowa Steel Mill Is a Win for Steelmakers. What About Everyone Else?

U.S. steel prices have surged, while overall manufacturing employment has fallen.

Reem Ibrahim | 10.1.2026 11:34 AM

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(Illustration: Midjourney)

President Donald Trump introduced sweeping tariffs last spring, boasting of how they would bolster American manufacturing. On Monday, just over a month before Americans head to the ballot box for the midterms, Trump announced a Minnesota company's plan to build a $15 billion steel mill in Iowa.

"Mesabi Metallics will be building the largest steel plant in American history," Trump said in a press conference at the Oval Office. "Once completed, Mesabi Metallics' new steel plant will produce 10 million tons of steel per year using iron ore from the company's Minnesota mine."

Steel imports are currently subject to a 50 percent tariff rate, and unsurprisingly, Republicans are hailing the announcement as an example of tariff success. "This is what happens when you stop apologizing for tariffs and start putting American workers first," said Vice President J.D. Vance in a post on X. Speaker of the House Mike Johnson (R–La.) shared a similar sentiment: "Thanks to Republicans' pro growth policies, America is seeing MORE private sector investment in our economy. Mesabi Metallics' $15 BILLION steel mill will create as many as 1,750 new jobs and help secure our supply chains. All we needed was a new President — and Republicans........

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