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00:02President Trump on Monday announced Mesabi Metallic's plans to invest about $15 billion
00:07to build what the White House says would be the largest steel plant of its kind in U.S.
00:11history.
00:11The Iowa facility is expected to begin production in 2030 and use iron ore from Mesabi's mine
00:17in Minnesota.
00:17The first phase is estimated to produce about 7.5 million tons of steel annually and support
00:23up to 6,000 construction jobs.
00:25The plant is eventually expected to reach 10 million tons of annual production and support
00:29at least 1,750 permanent jobs.
00:32The announcement came weeks before the November midterms, as voters grew increasingly dissatisfied
00:37with Trump's handling of the economy.
00:39Commerce Secretary Howard Lutnick called the project a done deal, though large construction
00:43projects can face delays or changes during development.
00:46For all things money, visit Benzinga.com
