Kevin Dempsey, CEO of the American Iron and Steel Institute, told Fox News Digital the project will help meet rising domestic demand while opening the door for the U.S. To export more steel abroad. Once finished, the plant is expected to produce up to 10 million tons of steel a year, drawing primarily on iron ore from Mesabi Metallics' recently opened mine in Minnesota.
Dempsey framed the announcement as evidence that Trump's tariff strategy on steel is starting to pay off. He pointed to the scale of investment as proof companies are betting on stronger domestic production. For steelworkers and mining operations tied to that Minnesota supply chain, the project signals years of demand for raw material feeding a single, massive facility.
For the broader industry, the plant represents a bet that tariffs can reshape where American steel comes from and how much of it gets made at home instead of imported. Dempsey didn't specify a timeline for construction or completion, but the scale alone would dwarf most existing U.S. Steel operations once it's running.