Fact-check · Sep 28, 2026 · Donald Trump
“$18,000,000,000 they're spending. From outside money.”
MISLEADING
What the record shows
White House states $18 billion combined investment for Iowa steel plant and Minnesota mine. Funded by Essar Group (India, $2B+ equity), Breakwall Capital (US, $520M), Macquarie Group (Australia, $150M), and EXIM support (up to $10B). Not entirely 'outside money.'
Sources
- Report: $15 billion ‘mega-steal plant in works for Iowa
- Trump to announce $15B Iowa project to create largest-ever US steel plant | Fox News
- Trump announces $15 billion steel plant coming to Iowa in massive domestic investment
- White House to announce new ‘mega-steel’ plant, reportedly in Eastern Iowa
- Largest-ever US steel plant is coming to a key red state as Trump unveils $15B investment
- Trump to announce $15 billion steel plant coming to Iowa in massive domestic investment
From: President Trump Makes an Announcement, Sep. 28, 2026
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