Thank you very much. It's great to be with you. We've had some big things happen over the last couple of days and we'll 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, as well as the chairman of Ray Roya and president CEO Joe Broken, to share some of the really exciting news. We have some unbelievable news, and there's a company known as Msabi, 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. I love Iowa. I went Iowa every time. Today we're thrilled to announce that Msabi Metallics will be building the largest yield plant in American history in the great state of Iowa. 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 Lutnik, Secretary of Energy Chris Wright, Senator Joanie Erns, who's done a wonderful job. And I'm going to miss you, Joan. I can't believe you. But you are right. Are you? You sure you're not changing? [laughter] Thank you, Mr. President. Governor Kim Reynolds, [laughter] Representatives Marionette Miller Makes, and Ashley Henson. And I saw some good polls just recently. You're doing well, actually. I saw 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 Giovanovic, who is a fantastic young man.
Actually, once completed, Msabi Metallics's 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, this 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's 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 in a depression. They won't have any money. 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 dollars in projects announced or underway in the steel sector alone. More than 4 million tons of new crude steel making capacity is expected to become operational in less than two 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, two 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 Gvanovic to say a few words followed by Secretary Lutnik, Secretary Wright, the team from Msabi. 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 Marionette Miller Mix and Ashley in. 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. Um, thank you, Mr. President. So, what we're really talking about today is America's economic security, and it's, Mr. President, it's your plan in action, but it all starts mining more in America. The mine you mentioned is the first mine opened in America in 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 war fighter 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 as president for another 250 years.
And how is the governor treating you? Because I freed up the iron ore in that place and I absolutely won the election but they wouldn't. They cheat like hell. But how is the governor treating you? Because they 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 really don't I mean it's one of the worst run places I've ever seen. How are they doing?
You know, Mr. President, we were there only 10 days ago actually to initiate the mine. We set off 1.3 million pounds of explosives that put it into operation and that will be the iron ore that feeds this plant and that makes steel in America.
And we can supersede the state, right? Yes, we're we can supersede the state. It's good. Otherwise, the state will never be good. They're very they're really troubled people. Uh thank you very much. Great job you're doing too by the way. Secretary Lutnik, 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. It does iron ore pellets, right? And 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 of 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. Two and a half billion dollars for the mine. And then you go right down the Mississippi to Iowa, right, where they're going to build a $15 billion 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, 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 gentlemen to our right from SR are fantastic. This is great for Iowa. It's great for Minnesota. And this is your plan. Living it out in America, building 17.5 billion dollar 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 whole world and that's going to be unbelievable. It'll be the biggest I think the biggest in the world and that's going to be very exciting. Uh Secretary Wright, please.
So this is the Trump re-industrialization 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 that just said, 'Make it somewhere else. Don't make it in America.' President Trump got elected to re-industrialize our country. Bring that 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 are in many businesses around the world. And that leads to a giant investment to re-industrialize America, a win for American national security, and a massive economic win in 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 Iowa? Progress, everyday progress. There's never been anything like it. That's a tremendous thing that's happening. Uh Msabi Metallics, the leaders are here. The owner is here. Thank you. Thank you. One of the richest men in the world. I'll say, but I will tell you he's unbelievable with the sun. And please.
Thank you, Mr. President, for bringing back the importance of building things in America. While I was born in India, I went to high school in New York, college in Boston, and did my MBA in California. I have spent half my life here. So, announcing this investment today is a great honor and a true homecoming for me. My family and I spend 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 you handsome son? Don't try and compete with us. [laughter] You're not going to be successful. You go ahead. What a great family. What a good job you did. Thank you, sir. Thank you very much. Please.
Mr. President, Governor Reynolds, the entire Iowa delegation, Secretary Lik, Secretary Wright, and Chairman Yavanovich. 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 assets 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 your administration which has been highly engaged and proactive. I would like to thank Governor Reols as well as the Iowa delegation for making us feel welcome in Iowa and for the care for the benefit of all Ians as they support this mega investment. Thank you Mr. President for your leadership and your confidence in ESR and the Roya family. Thank you again sir for standing behind American investment and American industry and for making this possible. Thank you, sir.
Thank you. Great job. And what do you think the total cost will be? Your investment will be about $18 billion. 18 billion. 18 billion. 120. That means [laughter] he's pulling it back. I got a good price. So, it's $18 billion. That's fantastic. Who could who could think of such a so fantastic and these are the highest quality people you'll ever meet? It's great. Kim Reynolds, please.
Well, first of all, uh, Mr. President, I want to say uh thank you to you. Uh your commitment uh to re 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 co underscores how important this is. We saw what happened uh during CO and the opportunities that exist because of the the leadership that you've been placed. [clears throat] So, thank you so much for that. We really appreciate it. I also want to just say a heartfelt thank you to Robbie uh Ray and Joe. Uh 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. That's right. 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. It strengthens our national security. And most importantly, as the governor for Iowa, these are tremendous high-paying jobs with incredible benefits, increased salaries, and opportunities for local businesses in 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 uh with Msabi Metallic. So I can't even express the gratitude and the excitement of Ians and 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 uh but for the whole Midwest of the the over the fence supply chain that will come to this area because of this investment uh is second to none. So, thank you uh 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. [clears throat] And I don't know. Let me ask you. So, can they use a little ethanol to fuel them? Good idea. I was waiting [laughter] I 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 uh to a state that's ready to lean in and help you bring back industrial dominance. But you do you have great ethanol and it's probably going to play a very big role. Joanie, 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 the 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.
Well, thank you very much. And you have been my friend for a long time. Thank you. And I appreciate it. And uh 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 Henson and they respect her like really maybe nobody else. And I think uh I hear you're doing well. I hope you're doing well. Yes, sir. Well, thank you. You're doing a fantastic job.
We're working hard and uh appreciate your agenda. And as uh Johnny and Kim just said, you know, we 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 1700 jobs, I just think about the countless opportunities for Iowa families and what this means for them. Um it is a game changer for our state and frankly for the country. And if you look at uh 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, uh, 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 uh we're going to do a great rally and we'll all be there together. We have to get you all elected. So we'll say you're a good Iowa pork chop, sir. [laughter] That's one of the reasons I want to go. So Marionette, please.
Mr. President, uh thank you so much. I want to thank your leadership and your policies. Uh this announcement would not happen today without uh 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 uh 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. Uh 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 come. We've 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.
Thank you, Mar. I'm ready to start the cheer here. I'm ready. Yeah. Go. Yes. Well, I would just say that um Mr. President, thank you for your leadership bringing American steel jobs back to America and to the heart of the heartland in Iowa. Uh these are good paying, family up supporting steel worker jobs and um so proud as an Ian that uh you chose our state to invest in and Mr. President, without your leadership, this would not have happened. We are so thankful uh for American steel to be made in America and as an Ian, 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. 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. That's unbelievable. I'm sure about that. Thank you, sir. Great honor. Thank you, sir. Uh, any questions?
Thank you so much. Um, 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 terms?
We have great people and we're running against communists, lunatics, socialists. We're running against people that are going to open up the water. We have we have a border just came out 17 months in a row. We have no people coming at 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 uh with China it's three trillion with Biden from the last it was a half a trillion for four years it would have been negative or 21 trillion the biggest amount in history and that money is building plants like today as an example I don't even think this number is a big number 18 $18 billion I don't even think we're including that number but we have uh 21 trillion dollars being invested in our country. Um, 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, it's 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. Uh, we have Iran, we'll 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 it just like it was before. It's the most horrible thing I've ever seen. Yeah, please. Daniel,
Two questions on this deal if that's okay. Why was it so important for you to establish fully integrated American supply chain raw materials steel and iron iron specifically from a national security perspective? Why was it so important for you?
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, [snorts] we have a lot of problem. We have a lot of 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. Um, but if we don't make it ourselves, we don't really we we can't defend ourselves. We can't call up another nation say we want to build 2,000 army tanks and we have no steel. Could we get some? We'll call China. Do you mind giving us some steel to build army tanks? I don't think doesn't work 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 uh medicine coming back. They're all coming back. Hundreds of billions of dollars of plants are being built. Eli Liy is spending billions. Merc Fizer, they're all coming back and we learned that during co 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.
Mr. President, Mr. President steel project. Are is there any federal money going to it? And is it a done deal or is it contingent on certain tax breaks within Iowa?
Yeah, it's a 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. Uh now do you want to answer that question or why you guys
So my partner chairman of XM 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 uh is going to build the steel plant, but XM Bank drove and assisted in the m portion of it, but helped launch that project.
Is it contingent on tax breaks within Iowa?
No, I think this deal is 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 big 50 million is quite big. 500 million is 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've 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 are Republicans, do you think, having to work so hard to hold on to these seats?
