Well, thank you very much. It's great to be with you. Big things happening over the next couple days, and we'll talk about it. But before that, I want to talk about something extremely important. I'm delighted to welcome to the White House the founder and chairman of the SR Group, Rodney, as well as the chairman and president and CEO, Joe, to share some of the really exciting — we have some unbelievable news, and there's a company known as Masabi, which is one of the biggest in the world. A great company, and they'll make a great investment.
Today we're thrilled to announce they'll build the largest steel plant in American history in the great state of Iowa — one of the largest plants in the world and one of the largest plants in America by far. And joined by the Secretary of Commerce and Secretary of Energy, and the senator has done a wonderful job, and I'll miss you.
Thank you. And we have an import-export chairman who is a fantastic human.
Once completed, they'll make 10 million tons of steel per year. And they have one of the worst governors in history — a real stupid guy — but have good iron ore, which is important, I guess. One of the biggest iron ores in the United States, and it will be made here in the United States.
And nearly 2,000 manufacturing and mining jobs and $95 billion to the U.S. economy, which is the number one economy in the world by far. We have the best economy we've ever had, and we're building $21 trillion worth of plants, and now we can add to this. It wasn't included in this, but it's a tremendous investment, and it will 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'll be making it here and using it here, and also shipping it outside and doing very well.
This announcement is only possible because of the pro-American promises of the Trump administration. Under Sleepy Joe Biden, 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 the jobs at record numbers.
But soon after my inauguration, I imposed 50% tariffs on all foreign steel, and now our steel industry is roaring back to life.
We're taking in hundreds of billions of profits, and one of the reasons I can offer — if the Republicans win the House and Senate — $5,000 to every adult, and we can do it. And the Democrats can't, because the Democrats don't have any, and they are going to drive us into a depression. We won't have any money, but we have the exact opposite.
We reduced imports of foreign steel by millions of tons, and for the first time in 26 years, the United States has surpassed Japan.
And we currently have $47 billion in projects announced in the steel sector. More than 4 million tons of capacity is expected to become operational in less than two years, substantially.
And we have the largest American steel plant of all time. Now we have the hottest country anywhere in the world — it's not even close. Robby, Ray, and Joe, I want to thank you very much for this tremendous investment.
I'd like to now invite the chairman to say a few words, followed by the team from Masabi, and I want to hear from them first.
We have the representatives. We're talking about America's security, and it all starts mining ore in America. The mine you mentioned — it's the first opened in the United States in 50 years, and 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 with the iron mine, and we're creating one American supply chain. You're seeing private capital flowing in to rebuild America and to build America's future, so we can assure that the war fighter of 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.
How is the governor treating you? Because I freed up the iron ore, and I won the election, and they cheat like hell. And how is the governor treating you? Because they closed it, and the people were devastated. It's the finest iron ore in the world, they say. How is the governor? And it's one of the worst-run places I've ever seen. How are they doing?
We were there and set up 1.3 million pounds of explosives, and that will be the iron ore that feeds this plant and makes —
We can supersede the state? Otherwise the state will — thank you. It troubles people. Secretary Rudnick, please.
These are the steel tariffs at work. Without them, the mine doesn't get built, and the iron ore mines and pellets — and where do we get the pellets from now? We get them primarily from Brazil. We're beholden to Brazil to build our steel in America because it's coming from outside the country.
So now it's the greatest iron in the world, and the gentlemen to my right are doing a fantastic job — $2.5 billion on the mine, and going down to Mississippi from Iowa. And they are integrating a steel plant to create steel at the same price they make it imported from China. This is competitive. If you do it all here and don't ship from around the world and buy it from other people, this is exactly your plan, and you're driving steel into America. And the gentlemen to our right are fantastic. This is great for Iowa. It's great for Minnesota, and this is your plan with the $17.5 billion investment, which protects our national security, home to America. Well done.
Thank you. We're always doing a tremendous aluminum plant in Oklahoma — one of my favorite places in the whole world. That's going to be unbelievable. I think it will be the biggest in the world. It will be very exciting.
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, and we were the dominant economic 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 leadership, and President Trump got elected to bring back jobs and opportunities and national security back to our country. You heard about the mine in Minnesota — that's fantastic. Even bigger is where the iron ore will be turned into America's steel, in southeastern Iowa. Why? Iowa has tremendous, hard-working people and great leaders who 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 or planet Earth. On my right, from SR, has many businesses around the world, and that leads to a giant investment to reindustrialize America.
There's never been anything like it. It's a tremendous thing that's happening.
Thank you, Mr. President, for bringing back the importance of building things in America. When I was born in India, I went to school in New York and Boston and California. I spent half my life here, and announcing the investment is a great honor. My family and I spend a lot of time in Minnesota, where we're building the first new mine in America in 50 years. We'll be producing the project soon. With the new steel complex in Iowa, we will complete the fully integrated American supply chain: American ore carried on American railroad to an American steel plant powered by American energy, built and operated by the incredibly hard-working and talented American workforce. Mr. President, this plant will be used for technology and compete head-to-head with any steel plant in the world on size, quality, and cost. This project writes the next chapter for our company and our family, and it's your initiative. Thank you, sir.
What a great family and great job you did.
And we founded our company many decades ago. We're a family business and builders. Mr. President, we have the expertise to build in Iowa as we look forward to complement the excellent knowledge that already exists with our own expertise. I would like to acknowledge the support of your transition because they're highly engaged. I would like to thank the governor for making us feel welcome in Iowa and for the — thank you, Mr. President, for your leadership and for standing behind American investment and industry and for making this possible.
You do a great job. What do you think the total cost will be of your investment?
And these are the highest-quality people. Kim Reynolds, please.
First of all, Mr. President, I want to say thank you to you. Your commitment to bringing manufacturing back to the state and really restoring American industrial dominance is the reason it's happening. It would not be happening without your leadership, so thank you for what you're doing for the country. I think it underscores — COVID underscores how important this is. We saw what happened during COVID and the opportunities that exist because of your leadership. Thank you for that; we appreciate it. And I want to say a heartfelt thank you to Robby, Ray, and Joe. It's been incredible synergy in the state of Iowa to get to where we're at today, and could not be prouder than being the future home of the largest steel investment in this country. And the impact it will have is undeniable. It's 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 the governor for Iowa, these are tremendous high-paying jobs with incredible benefits, increased hours, 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 Iowa businesses located in the state have the opportunity to partner with Mesabi Metallics. I can't express the gratitude and excitement of Iowans about what this does — it changes the economic trajectory for this region, one of the most depressed regions of Iowa, and not only for Iowa but for the whole Midwest. And a 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.
Thank you. You'll have high-quality people. Can we use a little ethanol to build?
Great idea. I was waiting for an opportunity to talk about E15. But you know what — the infrastructure is also huge. This is an area that's missed out on a lot of projects over the last five years because we didn't have the capacity of natural gas, and this brings additional capacity for natural gas power and railroads that's ready to lean in and help you bring back.
Great ethanol. Joni, please.
Thank you, Mr. President. Okay, folks, this is one of the greatest American muscle complexes you'll see in a long time. I'm so excited about the project. It would not be possible 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 you, 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're looking for ways for America to refine and mine and grow and to manufacture. And all of that is happening right there in southeast Iowa, and we're so proud to be home to your new plant. And it's all because of this. Thank you.
And we've been friends for a long time, and I appreciate it. A young lady, 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 hear you're doing well. I hope you're doing well.
Yes, sir. Thank you so much.
You're doing a fantastic job.
Thank you very much, and I appreciate the agenda, and we appreciate the investment in American manufacturing because Iowa does a lot of things really well, and we fuel the world. And now we'll continue part of the America story. And I think about the countless opportunities for Iowa families and what it means for them. It's a game-changer for our state and the country. And if you look at the jobs numbers you've been posting every month, they're not government growth jobs — they're private-sector jobs, and that is what is so critical for our economy to move it forward. The working-family tax cuts and the certainty we provide families — I think we should make it permanent because people love them and rely on them going forward. Thank you, Mr. President. Thank you for you and what the entire team did to solidify the investment in American greatness and manufacturing.
I got more votes than anybody in history during the last election. All three went up, up, up, and I think I'm more popular now than I was then a year and a half ago. We're going to do a great rally. We'll all be there together to get you elected.
I'll serve you a great Iowa pork chop, sir.
Mr. President, I want to thank your leadership and policies. This announcement would not happen today without the leadership and policy in place. And my district has long had jobs go overseas, and it's heartbreaking. And seeing the largest steel mill being built, and these families can make over $100,000 — it's transformational in the area. And the natural gas pipeline — we lost business there because we couldn't deliver the energy we need, and we'll mine it in America and mill it and make it in America. Thank you, Mr. President.
I'm ready to start the cheers.
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 steelworker jobs, and I'm 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're excited for American steel to be made in America, and as an Iowan, I'm proud we're making it in Iowa. Thank you.
You have the best and incredible people, and you'll find Iowa people will be the best people you've ever had to work with. They're unbelievable.
In Ohio, what is your message to voters heading into the midterms?
We have great people, and we're running against communist lunatics, socialists. And the border — 17 months in a row we had no people coming in, zero. I don't put out the numbers. We have a strong border. We have the best economy and biggest investment in the history of our country. Think of it — $21 trillion is being invested. With China, it's $3 trillion. With Biden, half a trillion for four years — it would have been negative. $21 trillion, the biggest amount in history, and that money is building plants like today. The number is a great number — $18 billion. I don't think we're including that number, but we have $21 trillion being invested in our country, and we have the highest number of jobs in the history of the United States and America.
And we have the greatest crime numbers, despite they let 25 million, many of whom were criminals, into our country. We have the murders lower than any time since 1900. We have the best crime numbers and best economic numbers, and we have Iran never having a nuclear weapon. We'll win that war very soon, and the gas prices will come tumbling down. Nobody else could have done that. Nobody else. If the Democrats were in, the border would be open immediately, and we'd have millions pouring in like before. It's the most horrible thing I've seen. Please.
Because we have a military that's very powerful, and there's certain products you have to make, and steel is one of them. You need them for your planes and army tanks. We have a lot of problems and a lot of things we don't have to make. When it comes to national security, I would say steel is number one on your list. Steel, aluminum — big aluminum plant coming, big one, beautiful. Great people also. If we don't make it, we don't really — we can't defend ourselves. We can't call up other nations and say we want to build 2,000 army tanks and have no steel — can we get some? We'll call China — do you mind giving us steel to build army tanks? It doesn't work.
We had a great meeting, by the way, with President Xi. I would grade it on a scale of 0 to 10 — I would grade it at 12. Very respectful. Steel in particular, but other things soon — we want to make them — medicine, they're all coming back. Hundreds of billions of dollars of plants are being built. Eli Lilly is spending millions, and Merck and Pfizer, and they're all coming back. During COVID, we didn't make anything, and they're all coming back at record numbers. Thank you for the question.
[Indiscernible] Is it contingent on certain tax breaks within Iowa?
It's a deal where we're doing very little. It's a great site — that's very important. It's a phenomenal site and phenomenal people. And do you want to answer that question?
