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Mesabi Metallics Sets Local Tax Plan for Proposed Mill
11/12/2026 - Officials in a southeastern Iowa county have approved a framework agreement establishing the tax and community benefits plan around a proposed US$15 billion steel mill.
The framework agreement, along with the adoption of resolution supporting the project, was agreed to this week, according to Mesabi Metallics, which is proposing to build the DRI-EAF-based mill in Lee County, Iowa.
“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 US$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.”
Under the terms, Mesabi Metallics would pay Lee County US$50 million over 20 years in lieu of additional property taxes; provide up to US$10.5 million in host-community payments during development and construction to help offset demands on county services; and guarantee at least US$112 million in new assessed property value before Mesabi receives any tax rebate.
“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 US$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.”
Under the terms, Mesabi Metallics would pay Lee County US$50 million over 20 years in lieu of additional property taxes; provide up to US$10.5 million in host-community payments during development and construction to help offset demands on county services; and guarantee at least US$112 million in new assessed property value before Mesabi receives any tax rebate.
