President Donald Trump announced the project on Sept. 28. It is projected to create 1,750 permanent jobs and support up to 6,000 construction jobs, with production planned to begin in 2030. Initial annual output is targeted at 7.5 million tons of steel, rising to about 10 million tons, using iron ore from Mesabi’s Minnesota mine.
The US Export-Import Bank approved $770 million for the Minnesota mine, making the federal government its largest lender. Essar Steel Minnesota previously went bankrupt in 2016. The administration credits its 50% steel tariffs for making the projects viable. Commerce Secretary Howard Lutnick said: “Without those tariffs, this mine doesn't get built and this steel plant does not get built.”