U.S. President Trump announced at the White House on the 28th that a Minnesota company plans to invest $15 billion in Iowa to build the largest steel mill in American history.

In his remarks, Trump said the United States actually cannot defend itself. "We can't call another country and say, 'We want to build 2,000 tanks, but we don't have steel. Can you give us some?' We call China, 'Would you mind giving us some steel to build tanks?' I think that just won't work."

Reuters reported on Monday (September 28) that as the U.S. midterm elections approach in November, the Trump administration is vigorously promoting this major investment project to showcase the government's achievements in revitalizing domestic manufacturing.

According to reports, the project will achieve full vertical integration, meaning Mesabi will directly use iron ore mined from its Minnesota mine and ship it to the new plant in Iowa for steel refining.

The first phase of the project is expected to produce 7.5 million tons of steel annually, with final annual output expected to reach 10 million tons.

A White House official explained that the Minnesota mining project involves a $2.5 billion investment and is expected to create about 350 jobs, while the steel mill in Iowa, once completed, is expected to create at least 1,750 permanent jobs.

In addition, the first phase of construction is expected to bring 5,000 to 6,000 construction jobs.

White House spokesperson Taylor Rogers said: "President Trump is delivering on his promises to reshape American industry, bring manufacturing back, and create new job opportunities."

Source: Singapore's Lianhe Zaobao, CNN, The Wall Street Journal