WASHINGTON, D.C.: Mesabi Metallics, a Minnesota company owned by India's Essar Group, plans to build a $15 billion steel plant in Iowa using iron ore from its Minnesota mine, U.S. President Donald Trump announced.

The project is expected to produce 7.5 million tons of steel annually in its first phase, eventually increasing to 10 million tons, according to the White House. First production is expected in 2030.

Trump announced the investment at the White House alongside Mesabi executives and officials from his administration. He described the planned facility as the largest steel plant in U.S. history.

"This is a tremendous investment," Trump said in the Oval Office. "Our steel industry is roaring back to life."

The Iowa plant is expected to create at least 1,750 permanent jobs, while its first phase could support up to 6,000 construction jobs, the White House said.

Mesabi plans to supply the facility with iron ore from its mine in Nashwauk, Minnesota, roughly 250 miles from the Iowa border. Essar Group has invested more than $2.5 billion in the mine.

Earlier this month, the U.S. Export-Import Bank said it would provide $10 billion in financing for the mine's expansion.

The planned Iowa facility would be vertically integrated, with Mesabi using ore extracted in Minnesota to produce steel in the United States. The White House said the first phase is expected to generate $95 billion in total economic impact during construction and its first 10 years of operation.

Trump linked the investment to his administration's tariffs on imported steel, which he increased to 50% last year.

"Everyone is building their plants here because they don't want to pay tariffs," Trump said. "It's really not that complicated."

The announcement comes as U.S. steel prices remain higher than those in global markets because of trade barriers. Global steel markets have faced sluggish demand and excess production capacity, particularly in China, it was reported.

Mesabi CEO Joe Broking called the announcement a "major moment for U.S. made steel," saying the proposed plant would supply steel used in national defense, vehicles, shipbuilding, household appliances, energy and infrastructure.

The company has not disclosed why it chose to build the steel plant in Iowa rather than Minnesota, where its iron ore mine is located.