Essar’s Iowa steel plant could add to overcapacity behind tariff walls—and that won’t help
With great fanfare, US President Donald Trump announced last week that “the largest steel plant ever built in the United States” would be coming to Lee County, Iowa, adding that [Essar Group-owned] Mesabi Metallics’ $15 billion investment in a pivotal midterm swing state proved his “powerful 50% tariffs” were working. He’s right: The announcement is a tangible result of American steel policy—but, contrary to what the president said, that’s not a good thing.
