Special session: What Iowa lawmakers are considering for $15B steel mill
Iowa Governor Kim Reynolds has signed legislation to expand tax incentives for a proposed $15 billion steel mill project in the state. The bill increases potential tax credits for large-scale investments in rural counties to attract the Essar Group-owned company.
Why it matters
This legislation represents a significant economic development effort to bring large-scale industrial investment and jobs to rural Iowa.
Iowa Gov. Kim Reynolds signed legislation that would allow the state to offer a larger package of tax incentives for a proposed $15 billion steel mill in southeast Iowa. The Senate passed the bill 28-19 Friday evening, just hours after it cleared the Iowa House. The measure would expand Iowa's MEGA economic development program to allow the state to offer additional incentives for a project of this size. The steel mill's incentive package could be worth roughly $1.36 billion, though the state would still need to approve the project's full application and negotiate a final agreement with Mesabi Metallics. Reynolds signed the bill into law just before 9 p.m. Friday. WATCH: Gov.
Get smarter about the news
Sign up free for a feed built around what you actually care about, Dive Deeper research on any story, and the full text of every article.
Create free accountAlready have an account? Sign in