Protesters gathered at the Iowa statehouse on Friday carrying signs reading “No Steel Steal!” as lawmakers hurried through a one-day special session to award Mesabi Metallics $1.36 billion in tax incentives over ten years for a new steel plant in Lee County. Mesabi Metallics is owned by the Indian conglomerate Essar Group. The Iowa House passed the measure 75-17, and the Senate approved it 28-19, with Gov. Kim Reynolds signing it into law Friday night. This rapid legislative action followed President Trump’s announcement on Monday that the largest steel plant in U.S. history would be built in Iowa. Trump promised the $15 billion project would generate 1,750 permanent jobs and roughly 6,000 construction jobs. The announcement caught many state officials by surprise. When Commerce Secretary Howard Lutnick stated at the White House that “the deal is done,” local lawmakers had not yet received details or the schedule for the special session. Critics of the $1.36 billion package argued that the state was rushing a massive corporate handout to a foreign-owned entity with a history of unfulfilled commitments, noting that the incentives amount to roughly $777,000 per permanent job over a decade. Proponents defended the project as a generational opportunity to revitalize the regional economy and boost domestic manufacturing. With early voting approaching, the political fallout spans competitive local races, leaving voters to weigh whether the promised economic benefits justify the heavy price tag. Production at the facility is not expected to begin before 2030.
Source: cbsnews.com
