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Last Monday, President Trump announced that the company Mesabi Metallics plans to build a new steel mill, the largest in U.S. history, right here in Iowa.
On Tuesday, Governor Reynolds called a special session of the legislature to expand an existing program, the Major Economic Growth Attraction (MEGA) program, facilitate by the Iowa Economic Development Authority, to facilitate the project and incentives.
MEGA started off as: two projects which receive a 5% investment tax credit (current MEGA). The bill adds in that this could apply to one project receiving a 10% investment tax credit and extends to 2030.
The proposed Iowa Steel Complex represents a once-in-a-generation economic development victory for Iowa. As a $15 billion total investment, this steel manufacturing facility stands as one of the largest industrial development projects in state history.
The project is expected to begin steelmaking in 2030, supporting roughly 1,750 permanent jobs at the plant and even more statewide. These are reliable, high-paying jobs that will allow more people to put down roots, grow their families, and call Iowa home. In the meantime, the buildout phase of the project will support thousands of blue-collar trade and construction jobs.
Beyond Iowa, this project reduces our reliance on foreign supply chains by establishing a domestic source of direct reduction-grade iron ore pellets and high-quality flat steel.
Altogether, this project is a huge win for Iowa. It will generate billions in tax revenue, support thousands of high-paying jobs, and grow the state’s GDP.
A project of this size coming to Iowa is clear proof that our work to cut red tape, lower taxes, and build a competitive business climate is paying off.
Bringing companies to invest and build Iowa and create good-paying jobs has been a top priority for Iowa.
The bill passed out of the Ways and Means committee with a bipartisan vote of 20-5. It passed off the House Floor 75-14. It passed the Senate 28-19. Bipartisan.
We came together today for Iowa — for families, our communities and for our future.
Contact Rep. Megan Jones by email: megan.jones@legis.iowa.gov
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