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Iowa Governor (Kim Reynolds)·US·

Gov. Reynolds signs legislative amendments to MEGA program paving way for historic $15 billion steel mill

Gov. Reynolds signs legislative amendments to MEGA program paving way for historic $15 billion steel mill Friday, October 2, 2026 Fri, 10/02/2026 - 19:59 Press Release Today, Governor Kim Reynolds signed House File 2801, amending tax credit incentives offered through the state’s Major Economic Growth Attraction (MEGA) program for qualifying investments. MEGA was created to help Iowa compete for large-scale development projects of more than $1 billion in capital investment. As originally enacted, the program allows tax incentives up to 5% each for two eligible businesses, for a total fiscal impact of 10% of qualifying investments. With the amendments passed in HF 2801, the program will now allow a tax incentive up to 10% of qualifying investments for a single eligible business located in a rural county, spread evenly over ten years and with transferability. The bill makes it possible for Mesabi Metallics, a Minnesota-based iron ore mining company, to invest $15 billion in the construction and operation of a steel manufacturing plant in Iowa. The project is the single largest investment in American steel manufacturing in U.S. history. “Today’s special session advances the most conseq

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