Mesabi Metallics Plans $18 Billion Steel Company
The integrated steelmaker will build an iron ore mine in Minnesota and a steel complex in Iowa.
Updated on Nov. 2, 2026 in Manufacturing
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Mesabi Metallics announced an $18 billion investment to build a fully integrated steel company, with the announcement made at the White House. The plan includes an iron ore mine at Nashwauk, Minnesota and a steel complex in Iowa, which the company says will be funded at $15 billion.
Why it matters
The project would expand domestic steel production from mining through finished steel, a segment the United States has built few new facilities in for decades. Its planned workforce and output figures position it as a significant addition to the U.S. manufacturing base.
Nearly $3 billion has already been invested in the Nashwauk mine, which employs over 200 full-time workers and has more than 1,500 construction workers on site. The company projects 350 full-time jobs at the mine once fully operational, but the Iowa site and its timeline remain unconfirmed.
The players
Mesabi Metallics
The company behind the planned integrated steel operation, which is developing an iron ore mine on Minnesota's Mesabi Iron Range and a steel complex in Iowa.
The details
The Iowa complex will use hot direct-reduced iron and electric arc furnace technology, with the furnaces fed a mix of freshly reduced iron from the plant's own process and scrap steel. The Nashwauk mine will produce Patriot Pellet, a direct-reduction-grade iron ore pellet.
Timeline
November 2, 2026: Mesabi Metallics announced the $18 billion investment at the White House.
Manufacturing Landscape
The plan pairs hot direct-reduced iron with electric arc furnace steelmaking in a single integrated chain, which differs from the blast-furnace route that has dominated U.S. integrated steel. Because the Nashwauk mine is described as the first new U.S. iron ore mine in 50 years, the project would mark a rare domestic expansion of primary iron supply.
The planned Iowa complex is expected to create over 6,000 construction jobs and employ at least 1,750 full-time team members once operational. Residents and job seekers in the region should watch for hiring timelines once the Iowa site is finalized.
The takeaway
The project shows how a single domestic steel chain, from mine to finished metal, can concentrate jobs across two states, but its scale depends on the still-unfinalized Iowa site.
Further reading
For broader context on domestic production, see the Manufacturing section.
Source note: This article includes information reported by Metal.
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