County Board of Supervisors vote advances state incentives and moves a Minnesota-to-Iowa, mine-to-mill steel supply chain closer to fruition
DES MOINES, IOWA, Nov. 11, 2026 – Mesabi Metallics’ planned $15 billion Iowa steel project moved a step closer to building the largest integrated steel complex in U.S. history this week, as the Lee County Board of Supervisors unanimously approved a term sheet setting the framework for local tax and community benefit payments. The Board also passed a resolution supporting the plant—a key requirement for Mesabi’s incentive package with the Iowa Economic Development Authority (IEDA).
“This is a generational investment in Iowa, and this week’s vote moves it forward,” said Joe Broking, CEO of Mesabi Metallics. “Paired with our nearly $3 billion investment in Minnesota, this project creates a fully integrated American steel supply chain—iron ore mined and processed in Minnesota, high-quality steel made in Iowa.”
“We thank the Lee County Board of Supervisors for bringing us one step closer to thousands of good-paying jobs, a stronger American manufacturing base and a critical new source of domestic steel,” Broking added.
The agreement includes significant benefits to the local community and provides long-term tax certainty for the project. Under the agreed terms, Mesabi Metallics would:
The vote builds on Mesabi’s September announcement of a $15 billion Iowa investment—part of an approximately $18 billion plan linking its Minnesota iron ore operations to a new, modern steelmaking complex in Iowa. The Iowa project is expected to:
