India, Sept. 29 -- President Donald Trump announced a new $15 billion steel plant in Iowa at an Oval Office event on Monday.

Here is everything to know about the mega steel plant.

The plant will be built by Mesabi Metallics. The official said it is the first mega-steel plant in the United States since the 1960s. It will be the largest in American history and will be able to make high-grade steel suitable for military use from 2030.

As per Newsweek, the plant is expected to produce 7.5 million tons of steel each year after the first phase is completed. It will use American raw materials and will not rely on imports, the White House said.

Production could rise to 10 million tons a year once the plant is fully built, making it one of the...