(WASHINGTON) -- President Donald Trump will announce the construction of a massive new steel plant during an Oval Office event on Monday, a White House official said.

The project, which will be built by Mesabi Metallics in Iowa, will command a $15 billion investment from the company and is the first mega-steel plant built in the United States since the 1960s, the official said. The first steel production is expected to be in 2030 and, once fully built out, will produce 10 million tons of steel annually, making it among the largest in the U.S. 

The company also recently invested $2.5 billion in a new iron ore mine in Minnesota, which the official said will allow the project to be fully integrated in the U.S. from mining to production. The mine is expected to produce 7.5 million tons of iron ore annually and will create 350 new jobs in Minnesota. Another 1,750 jobs are expected in Iowa, the official added.

"Today’s announcement underscores the President's historic efforts to revitalize the U.S. steel industry -- supporting local communities, strengthening supply chains, and protecting our national security," White House spokesperson Taylor Rogers said in a statement confirming the announcement.

Executives from Mesabi Metallics are expected to attend the event on Monday, as well as Secretary of Commerce Howard Lutnick, Executive Director of the White House's National Energy Dominance Council Jarrod Agen and John Jovanovic, chairman of the U.S. Export-Import Bank.

The Wall Street Journal first reported the details of the project. 

The Wall Street Journal noted that Mesabi Metallics is backed by the Essar Group, an Indian multinational conglomerate, which first proposed the mine and mill project 20 years ago, and ultimately failed. The mine project filed for bankruptcy a decade ago, the Wall Street Journal reported.

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