I've had some big things happen over the last couple of days. I will talk about it, but before I do that, I want to talk about something extremely, extremely important. I'm delighted to welcome to the White House the founder and chairman of the SR Group, Ravi Ruia, as well as the chairman of Ray Ruia and president CEO, Joe Brokin, to share some of the really exciting news. We have some unbelievable news. And there's a company known as Mesabi, which is one of the biggest in the world. It's a great company and they're going to make a big investment in a place called Iowa. And I love Iowa. I won Iowa every time.
Today, we're thrilled to announce that Mesabi Metallics will be building the largest steel plant in American history in the great state of Iowa. It's the largest plant, one of the largest plants in the world, but it's the largest plant in America by far. We're also pleased to be joined by Secretary of Commerce Howard Lutnick, Secretary of Energy Chris Wright, Senator Joni Ernst, who's done a wonderful job and I'm going to miss you, Joni. I can't believe you're leaving. But you all right? Are you sure? You're not changing it?
Thank you, Mr. President.
Governor Kim Reynolds, Representatives Mariannette Miller-Meeks and Ashley Hinson. And I saw some good polls just recently. You're doing well, Ashley. I saw that. Looks like you're doing well. You should do well. Iowa Attorney General Brennan Bird, who's been with me right from the beginning, and Export-Import Bank Chairman, John Jovanovic, who is a fantastic young man, actually.
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. And Minnesota has, I will tell you, they maybe have a lousy governor, but they have great iron ore. They have one of the worst governors in history. A real stupid guy. But they do have good iron ore, which is more important, I guess. But it's the first new iron ore mine in the United States in more than 50 years with the highest quality ore.
In other words, the steel will be mined, melted, and made right here in the USA, which is something very unusual. The project is expected to create up to 6,000 new construction jobs, nearly 2,000 manufacturing and mining jobs, and add another 95 billion dollars to the US economy, which is the number one economy in the world by far. We have the best economy we've ever had. We're building 21 trillion dollars worth of plants and others. Now, I think we can add this to it. I'm not even including this. But this is a tremendous investment. And it's going to be over the next 10 years using advanced steel making technology.
The plant will produce some of the highest quality, most affordable steel anywhere in the world. They're going to be making it here and using it here, and also shipping it outside, and do very well. This announcement is only possible because of the pro-American policies of the Trump administration under Sleepy Joe Biden. Have you heard of him? Steel production declined significantly and nearly 200,000 manufacturing jobs were lost in the year before I took office, and they were leaving. They were losing these jobs at record numbers. But soon after my inauguration, I imposed powerful 50% tariffs on all foreign steel, and now our steel industry is roaring back to life. Everyone is building their plant here because they don't want to pay tariffs. It's really not that complicated. A lot of people say they don't understand it, but they do. They just don't like to give us credit. Because of tariffs, we are taking in hundreds of billions of dollars of profits.
It's one of the reasons I can offer if Republicans win the House and the Senate, $5,000 to every adult. And we can do it and the Democrats can't because the Democrats don't have any income and they're going to drive us into a depression. They won't have any money. But we have the exact opposite. We've reduced imports of foreign steel by millions of tons and for the first time in 26 years, the United States has surpassed Japan in steel production. Think of it. We have surpassed Japan. They're very good at what they do, too. We currently have $47 billion in projects announced or underway in the steel sector alone. More than 4 million tons of new crude steelmaking capacity is expected to become operational in less than 2 years, substantially. We've created nearly 60,000 new manufacturing jobs this year alone, many of them in the steel industry. And today we're adding even more, the largest American steel plant of all time. So, 2 years ago our country was dead and now we have the hottest country anywhere in the world and it's not even close.
Robbie, Ray, and Joe, I want to thank you very much for this tremendous investment. I'd like to now invite the chairman, Govanovic, to say a few words, followed by Secretary Lutnick, Secretary Wright, the team from Mesabi. I want to really hear from them. Perhaps I want to hear from them first. But that's all right. We'll let them go first. It's my friend, Governor Reynolds, Senator Ernst, and then Representatives Mariannette Miller-Meeks and Ashley Hinson. We'll go a little bit quickly because that's a lot of people. That's a lot of people. So, Mr. Chairman, if you would, please.
Yes, sir. Thank you, Mr. President. So, what we're really talking about today is America's economic security. And it's this President, your plan in action. But it all starts with mining more in America. The mine you mentioned is the first mine opened in America in the 50-plus years focused on iron ore. XM financed it, but most importantly, it's found on the iron range in America, which for 145 years has been the most prolific iron ore deposit in the world. It helped build America. It helped win two World Wars. You're helping resurrect it, Mr. President, with the first iron ore mine. That is why this plant is possible, because we are creating one American supply chain. And what you see again here today, Mr. President, is private capital flowing in to rebuild America and to build America's future. So, we can assure that the warfighter of tomorrow in America is always well-equipped, and that everyday Americans have what they need when they need it most. And this is what it's going to take to continue to deliver the American dream, Mr. President, for another 250 years.
And how is the governor treating you, because I freed up the iron ore, and that I said, 'I absolutely won the election, but they wouldn't. They cheat like hell.' But how is the governor treating you, because I freed it up and then they closed it, and the people were devastated, because it is the finest iron ore in the world, they say. So, how is the governor and these other people that don't... Well, don't... I mean, it's one of the worst-run places I've ever seen. How are they doing?
Yeah, Mr. President, we were there only 10 days ago, actually, to initiate the mine. We set off 1.3 million pounds of explosives to put it into operation, and that will be the iron ore that feeds this plant and that makes steel in America to steel...
Can supersede the state, right? Well, if we can supersede the state, it's great. Otherwise, the state will never be good. They're very... They're really troubled people. Thank you very much. Great job you're doing, too, by the way. Secretary Lutnick, please.
Okay, so these are your 232 tariffs, the steel tariffs at work. Without those tariffs, this mine doesn't get built, and this steel plant does not get built. $2.5 billion iron ore mine that does iron ore pellets. Right? Now, where do we get those pellets from now? We get them primarily from Brazil. So, we are beholden to Brazil to build our steel in America, because the input is coming from outside the country. So, now we are unleashing the Iron Range in Minnesota, which is the greatest, as the chairman said, the greatest set of iron in the world is right here in America. We're going to... These gentlemen to my right from SR, they're doing a fantastic job. $2.5 billion for the mine, and then you go right down the Mississippi to Iowa, right? Where they're going to build a $15 billion iron integrated steel plant, which will create steel at the same price they make it and import it from China. This is competitive. If you do it all here, and you don't ship it from around the world, and you don't buy it from other people, this is exactly your plan. This is exactly why you're doing it, because you're driving steel to America. The gentleman to our right from SR are fantastic. This is great for Iowa. It's great for Minnesota. This is your plan living it out in America, building $17.5 billion investment, bringing steel, which protects our national security, home to America. Well done.
Thank you very much. And we're also doing a tremendous aluminum plant in Oklahoma, one of my favorite places in the world. And this is going to be unbelievable. It'll be the biggest, I think the biggest in the world. And it's going to be very exciting. Secretary Wright, please.
So, this is the Trump reindustrialization of America hitting the ground at serious scale. At the end of World War II, the United States produced 60% of global steel. We were the dominant economic power and military power in the world, and that means you're a massive steel producer. We've gone decades in the wrong direction. Short-sighted political leadership, overblown environmental concerns, it just said make it somewhere else, don't make it in America. President Trump got elected to reindustrialize our country, bring back jobs, opportunity, and national security back to our country. You've heard about the mine in Minnesota, that's fantastic. Even bigger is where is that iron ore going to be turned into American steel? In Iowa. In southeastern Iowa. Why? Because Iowa has tremendous hardworking people, great leaders that believe in their state, and believe in high-paying jobs for everyone in the state of Iowa. And then they meet up together with some of the best entrepreneurs in the world on planet Earth, just to my right right here from SR, who own many businesses around the world. And that leads to a giant investment to reindustrialize America, a win for American national security, and a massive economic win and vote of confidence in the fabulous state of Iowa.
You are doing a great job. Thank you very much. And how are you doing in Venezuela, by the way?
Progress. Every day progress.
There's never been anything like it. That's a tremendous thing that's happening. Mesabi Metallics, the leaders are here, the owner is here. One of the richest men in the world, I'll say. But I will tell you he's unbelievable with his son. And please.
Thank you, Mr. President, for bringing back the importance of building things in America. Well, I was born in India, I went to high school in New York, college in Boston, and did my MBA in California. I've spent half my life here, so announcing this investment today is a great honor and a true homecoming for me. My family and I spent a lot of time in Minnesota, where we are investing $3 billion to build the first new mine in America in 50 years. We will be producing the Patriot pellet very soon, which will be amongst the highest quality iron ore pellets in the world. With the new steel complex in Iowa, we will complete the fully integrated American supply chain from mine to mill. American ore carried on American railroads to an American steel plant powered by American energy, built and operated by an incredibly hardworking and talented American workforce. Mr. President, this plant will use the latest technology and will compete head-to-head with any steel plant in the world on size, quality, and on cost. This project writes the next chapter for our company and our family, and it is your policy and your leadership, Mr. President, that have made this possible. Thank you, sir.
So, how did your handsome son... Don't try and compete with him. You're not going to be successful in doing... Go ahead. What a great family. What a good job you did. Thank you very much.
Mr. President, Governor Reynolds, the entire Iowa delegation, Secretary Lutnick, Secretary Wright, and Chairman Jovanovic. My brother Shashi and I founded SR many decades ago. We are a family business, and above all, we are builders. We have built world-class steel plants, oil refineries, ports, power plants, and various other in India and overseas. Mr. President, we have now chosen to build our next major chapter here in America. We have the expertise of building projects like the proposed steel plant in Iowa, and we look forward to complement all the excellent knowledge that already exists within the American steel industry with our own expertise. I would like to acknowledge the support of the administration, which has been highly engaged and proactive. I would like to thank Governor Reynolds, as well as the Iowa delegation for making us feel welcome in Iowa, and for the care for the benefit of all Iowans as they support this mega investment. Thank you, Mr. President, for your leadership and your confidence in Essar and the Ruia family. Thank you again, sir, for standing behind American investment and American industry and for making this possible. Thank you, sir.
Thank you, great chairman. What do you think the total cost will be, your investment will be?
About 18 billion dollars.
18 billion. I heard 20. That means you're... He's pulling it back because he got a good price. So, it's 18 billion that's spent. Who could... Who could thank you such a... It's so fantastic. And these are the highest quality people you'll ever meet. It's great. Kim Reynolds, please.
Well, first of all, Mr. President, I want to say thank you to you. Your commitment to bringing manufacturing back to the states and really restoring American industrial dominance is the reason that this is happening. This would not be happening without your leadership. So, a heartfelt thank you for what you're doing for this country. And I think it underscores, you know, COVID underscores how important this is. We saw what happened during COVID and the opportunities that exist because of the leadership that you put in place. So, thank you so much for that. We really appreciate it. I also want to just say a heartfelt thank you to Robbie, Ray, and Joe. It has been incredible synergy in the state of Iowa working on this project. Both tough negotiations took place, but the mindset was always to get to where we are at today and we could not be prouder than being the future home of the largest steel investment in this country. And the impact that will have is just undeniable. This is a transformational opportunity, not only for our country, but for Iowa and really for American families. It reduces our dependence on our foreign supply chain, strengthens our national security and most importantly, as a governor for Iowa, these are tremendous high-paying jobs with incredible benefits, increased salaries and opportunities for local businesses and community development. And also, we're standing up Source Iowa at the end of this week. So, we want to make sure that Iowa businesses that are located in the state have the opportunity to partner with Mesabi Metallics. So, I can't even express the gratitude and the excitement of Iowans and really what this does is it changes the economic trajectory for this region. It's one of the most depressed regions of Iowa. But not only for Iowa, but for the whole Midwest. The supply chain that will come to this area because of this investment is second to none. So, thank you for your leadership again and for helping make this possible. We're very grateful.
And you'll never have higher quality people than these people. These people are... I mean, really amazing. And I don't know, let me ask you. So, can they use a little ethanol to fuel the...
Good idea. Well, I was waiting for an opportunity to talk about E15 year round. But, you know what? The infrastructure updates are also huge. This is an area that's missed out on a lot of projects over the last 5 years because we didn't have the capacity of natural gas. And this actually brings additional capacity for natural gas power, rail, and roads to a state that's ready to lean in and help you bring back industrial opportunity.
But you do have great ethanol, probably going to play a very big role. Joni, please.
Thank you, Mr. President. Okay, folks. This is one of the greatest American muscle flexes that you are going to see in a long time. I am so excited about this project. It would not be possible, Mr. President, if you had not set this stage with your policies and economic development and using resources right here in our homeland. So, I want to thank the entire Trump administration team. I want to thank SR. Thank you all so much for choosing Iowa to produce your steel. We're excited about it. We are looking for ways for America to refine, to mine, to grow, and to manufacture. And all of that is happening right there in Southeast Iowa. We are so proud to be home to your new plant. And it's all because of you, Mr. President.
Thank you very much. And you have been my friend for a long time. And I appreciate it. And a young lady's going to be hopefully elected to the Senate, and she's outstanding. One of the top anywhere in the country. They talk about her all the time. They all respect Ashley Hinson. And they respect her like really, maybe nobody else. And I think I hear you're doing well. I hope you're doing well.
Yes, sir. Well, thank you so much.
We're working hard and appreciate your agenda and as Joni and Kim just said, you know, we appreciate this investment in American manufacturing because Iowa does a lot of things really, really well. We feed and fuel the world and now we're going to continue to be a part of the American manufacturing story and with 1,700 jobs, I just think about the countless opportunities for Iowa families and what this means for them. It is a game-changer for our state and frankly for the country and if you look at the jobs numbers that you've been posting every single month, they're not government growth jobs. They're private sector jobs and that is what is so critical for our economy to move our economy forward. The working families tax cuts, the certainty that we provided families, I think we should make those all permanent because people love them and we need to make sure that they can rely on those going forward, Mr. President. So, thank you for what you and the entire team did to solidify this investment in American greatness and American manufacturing.
Well, and I'm going to come to Iowa. I got more votes than anybody in history during the last election. All three I went up, up, up. And I think I'm more popular now than I was then, which is a year and a half ago. I will say that we're going to do a great rally. And we'll all be there together. We have to get you all elected.
So, we're going to do... Thank you. Get Iowa fired up, sir.
That's where the reserve I want to go. So, and Mariannette, please.
Mr. President, thank you so much. Want to thank your leadership and your policies. This announcement would not happen today without that leadership and those policies being in place. Southeast Iowa, my district, has long had jobs leave, go overseas. It's heartbreaking when you're in those communities day after day. So, to see the largest steel mill in America being built in Iowa and in Southeast Iowa, 1,700 permanent jobs, 6,000 construction jobs, average salary of $49. These are families that can make over 100,000. And so, it's just transformational in this area. And also, the natural gas pipeline that's going to compensate lost business opportunities there because we couldn't deliver the energy that we needed. So, we're going to mine it in America, we're going to mill it in America, and we're going to make it in America. Thank you, Mr. President.
Meredith. Appreciate it. Meredith, start the cheers here. I'm ready. Go live.
Well, I would just say that, Mr. President, thank you for your leadership bringing American steel jobs back to America and to the heart of the heartland in Iowa. These are good-paying, family-supporting steel worker jobs. And so proud as an Iowan that you chose our state to invest in. And Mr. President, without your leadership, this would not have happened. We are so thankful for American steel to be made in America. And as an Iowan, I'm so proud that we're making it in Iowa. Thank you.
Yeah. Well, you have the best people. You have incredible people. And you're going to find that you're going to have some of the greatest employees. They're all over the world. And you don't get bigger. But you'll find that Iowa, the people in Iowa are going to be the best people you've ever had to work with. They're unbelievable.
I'm sure about that, sir.
So, it's great. It's a great honor. Any questions?
Yes. Thank you so much. Well, you have a lot of upcoming Republican rallies. You're heading to Oklahoma. You're heading to Alabama, Ohio. What is your message to voters heading into the midterms?
We have great people. And we're running against communist, lunatic, socialist. We're running against people that are going to open up the water. We have a border just came out. 17 months in a row, we have no people coming in, zero, which is hard to believe even, but that's what it is. I don't put out the numbers. And we have a strong border. We have the best economy, the biggest investment in the history of our country. Think of that. $21 trillion is being invested. With China, it's $3 trillion. With Biden from the last, it was a half a trillion for 4 years. It would have been negative. We're $21 trillion, the biggest amount in history. And that money's building plants like today is an example. I don't even think... This number is a big number, $18 billion. I don't even think we're including that number. But we have $21 trillion being invested in our country. We have the highest number of jobs in the history of the United States of America. We have the best crime numbers in the history of our country despite the fact that they allowed 25 million people, many of whom were criminals, into our country. We have the best murder, not a nice thing to say, but the murders are lower than at any time since 1900. So we have the best crime numbers. We have the best economic numbers. We have Iran will never have a nuclear weapon. We're going to win that war very soon. That'll be over and the gas prices will come tumbling down. So nobody else could have done that. Nobody else. If the Democrats took in, the border will be opened immediately. And you have millions of people pouring through just like it was before. That's the most horrible thing I've ever seen. Yeah, please. Daniel.
Two questions on the steel if that's okay. Why was it so important for you to establish a fully integrated American supply chain for raw materials, like steel and iron specifically from a national security perspective? Why was it so important for you to do that?
Well, because we have a military that's very powerful. And there are certain products you have to make. Steel is one of them. You need it for your planes, your army tanks. You need it. You know, we have a lot of problems. We have a lot of things we don't have to make ourselves, but when it comes to national security, I would say steel is number one on your list. Steel, aluminum, big aluminum plant coming, I told you. Big one, beautiful. Great people also. But if we don't make it ourselves, we don't really... we can't defend ourselves. We can't call up another nation and say, 'We want to build 2,000 army tanks and we have no steel, can we get some?' We'll call China, 'Do you mind giving us some steel to build army tanks?' I don't think that works out. By the way, we had a great meeting with President Xi. I would say I would rate it as a... on the scale of 0 to 10, I would rate it a 12. Very respectful, very good, great meeting. So, you know, steel in particular, but other things, too. We want to make them... medicine coming back. They're all coming back. Hundreds of billions of dollars of plants are being built. Eli Lilly is spending billions, Merck, Pfizer, they're all coming back and we learned that during COVID. We didn't make anything. Now we're making it all. They're all coming back at record numbers. So, thank you for the question, Danny.
Mr. President, on the steel project, is there any federal money going to it and is it a done deal or is it contingent on certain tax...
Yeah, we... Yeah, it's a deal where we're doing very little. We're just... It's a great site. It's very important. It's a phenomenal site and it's phenomenal people they're going to have and that's the biggest thing. How do you want to answer that question or how do you want to answer it?
So, my partner, chairman of Exim Bank, they helped finance the mine, right, to produce that. But then, these gentlemen from SR, they are going to build the plant. So, it's private money is going to build the steel plant, but Exim Bank drove and assisted in the mine portion of it, but helped launch that project.
Is it contingent on tax rates within Iowa?
No, I think this deal's done. This deal is done. They've already worked it out. That's why we're all together with the president. The president doesn't bring people together unless it's a done deal. You guys know that already.
They've already started building. And you're talking about a tremendous... You know, think of it. If you build a $10 million building, it's big. $50 million's quite big. $500 million's really big. $18 billion they're spending. From outside money, and all from the highest sources, most respected people anywhere in the world. It's pretty amazing.
Mr. President, two questions. One on Iran, and then one on Iowa. I'll start with Iowa, though. Sir, you won Iowa by 13 points. Some of the polling, though, for some of the races right now in the Senate, and also some of the House races, a little closer, much closer, in fact. Why do Republicans, do you think, having to work so hard to hold on to these seats?
