WASHINGTON-President Trump announced a Minnesota company's plan to build a $15 billion steel mill in Iowa, as he looks to counter voter frustration with the economy ahead of the midterm elections.

Trump unveiled the proposal Monday afternoon at the White House, joined by executives from Mesabi Metallics, which recently opened the first iron-ore mine in Minnesota in 50 years. Steelmaking at the Iowa plant could begin in 2030, according to a White House official, who said it could support more than 1,700 jobs.

Trump said the steel mill and the mine are the results of U.S. tariffs that have raised prices for foreign-made steel. "It's really not that complicated." he said.

He was joined by several Iowa Republican candidates in tough races, putting the political angle of the event on display. Iowa, which Trump easily won in 2024, is among the states that have shifted away from the GOP. Several tightly contested races are on the ballot, including a Senate seat and two House districts currently held by Republicans.

Mesabi's proposed mill would be one of the largest in the U.S. with an initial annual production capacity of 7.5 million tons. Later additions could increase the plant's capacity to about 10 million tons a year.

The company said the plant would be in eastern Iowa, allowing it to use the Mississippi River to transport iron ore from its mine. Mesabi estimates the cost for the Iowa operation at about $15 billion. The company expects to build plants at the site to process the ore for use in electric arc furnaces with scrap steel to make new steel. Mesabi estimates the two plants will cost about $15 billion.

Mesabi is part of Indian conglomerate Essar Group. The mine and steel-mill project were first proposed by Essar about 20 years ago. But the project went through years of delays and missed deadlines to repay state aid.

The Minnesota mine project filed for bankruptcy a decade ago. The state withdrew leases for iron ore and transferred them to rival iron-ore miner and steelmaker Cleveland-Cliffs.

Mesabi Metallics emerged from the reorganized company in 2017 and a few years ago restarted construction of the buildings and equipment at its northern Minnesota site. The $2.5 billion mine began preliminary production this month, but Mesabi controls just enough iron-ore reserves for about 23 years of mining. The company has asked the state to return the leases given to Cleveland-Cliffs and is suing Cliffs for alleged antitrust violations.

Most new steel mills built in the U.S. begin as smaller operations that expand over time in response to higher steel demand. Mesabi's access to its own iron ore is giving company executives the confidence to go large on production from the start. Steel demand and prices have been strong lately. But the domestic steel market also is prone to slumps and falling prices.

"We will have a very cost competitive product that supports the scale of the investment announced today," said Rewant Ruia, the company's chairman. "Mesabi Metallics controls its own high-quality iron ore."

The domestic steel industry has been a key proving ground for Trump's use of tariffs to underpin his industrial and trade policies. The president imposed steel tariffs during his first term and raised them to 50% last year, arguing that domestic steel production is necessary for national security. The duties allowed U.S. steelmakers to raise their prices without the threat from lower-priced imported steel.

U.S. steel prices are now among the highest in the world, raising production costs for steel-dependent manufacturers. But steel-industry trade groups credit the duties with more than $40 billion in investments in domestic steel production that have created thousands of additional jobs.

"Weakening the tariffs now would put that progress at risk," the groups said in a letter to Trump on Friday. "Tariffs have proven to be sound, effective trade policy."

Trump last year approved the sale of U.S. Steel to Nippon Steel, but insisted the Japanese company invest about $14 billion in plant improvements and expansions and reserved the right to block plant closing and other operational decisions, including moving the company's Pittsburgh headquarters.