Trump Announces Largest Steel Plant in U.S. History; EV Mandate Axed | 9/29/26 FIRST LOOK

0:00Diesel prices just hit a record high. There goes my margin. Not mine, brother. I switched to Mudflap. But those other fuel cars just nail you with the fees. No, not Mudflap. They don't have any fees. Monthly, annual, out of network, nada. What I say, I keep. That's what's up. Mudflap has your back. Carriers like you save thousands per year with Mudflap. Get$100 in pre-fuel credits after approval when you sign up at muddy.com slash podcast. Spelled M-U-D-D-Y dot com slash podcast. Terms and restrictions apply. See mudflapbank.com. The Mudflap's lead card is issued by Celtic Bank or Community Federal Savings Bank.

0:30I have to say I'm incredibly grateful for our partnership as I stand here on our brand new 100 ,000 square foot warehouse expansion. Glad Old National Bank could help finance it. You were there for me with ideas around cash flow management and working capital collection. And now we can talk about retirement plan services. Right. Just wish you were here to see this place. I am, Phil. Just came in the wrong door. Is that you way down there? Yep. Stay there. I'll come to you. Commercial bankers who think as big about your business as you do. Old National Bank, where relationships drive results. Call a commercial banker today.

0:59Member FDIC.

1:03Hey, everybody. I'm Dave AI, and this is First Look. It's Tuesday, September 29th, 2026. We've got a packed show for you today. President Trump announces Mesabi Metallics will build a$15 billion steel plant in a key battleground state, the largest in American history, with iron ore from a new Minnesota mine. 1 ,750 permanent jobs and a midterm clock ticking in a battleground state. The administration rolls back Biden-era CAFE rules. NHTSA now projects 34.9 miles per gallon by 2031 instead of 50.4. Sean Duffy says the EV mandate is dead. The Education Department formally kills the Biden Title IX rewrite that treated gender identity as sex.

1:58Let's dive in. The biggest steel plant in U.S. history in Iowa. President Trump announced Monday that Mesabi Metallics will build a$15 billion steel plant in Iowa over the coming years. The White House calls it the largest of its kind in U.S. history. In the Oval Office, there's a company known as Mesabi, and they're going to make a big investment in a place called Iowa. I love Iowa. I won Iowa every time. Today, we're thrilled to announce that Mesabi Metallics will be building the largest steel plant in American history in the great state of Iowa. Trump stood with the Minnesota-based company, Mesabi Executives, and Republican members from Iowa who faced tough races in November.

2:45Once the plant is running in 2030, Trump said, it will produce 10 million tons of steel a year using iron ore from Mesabi's Minnesota mine. A White House official said 1 ,750 permanent jobs in Iowa. The steel will be mined, melted, and made right here in the USA. The Minnesota facility, he added, will be the first new iron ore mine in the U.S. in more than 50 years. Commerce Secretary Howard Lutnick and Export-Import Bank Chairman John Jovanovic were in the room with Mesabi and the Iowa Republicans. This is the latest move in Trump's project to rebuild domestic steel against overseas competition, the core of his trade agenda.

3:31Last year, he doubled tariffs on imported steel to 50%. Steel levies are also part of the running fight with Canada. Mesabi has not named the Iowa City. Energy Secretary Chris Wright said Southeast Iowa. A White House official said this will be the first mega steel plant built in the United States since the 1960s. The administration expects the steel could support U.S. defense projects down the road. The ore, the raw material, comes from Mesabi's new$2.5 billion iron ore mine in Minnesota. White House spokeswoman Taylor Rogers. President Trump is delivering on his promise to rebuild American industry, reshore manufacturing, and create new jobs.

4:17Today'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. After decades of decline, this president is restoring America's industrial competitiveness and securing trillions of dollars in new investment. The timing is not subtle. Less than 40 days to the midterms. Iowa Republicans are in competitive races for the House, the Senate, and the Governor's Mansion. They hold the governorship and both Senate seats now and are trying to keep Democrats from flipping that.

4:56The Des Moines Register reports state lawmakers may be called back to the State House to approve tax breaks for Mesabi. America first is not a slogan when the ore is mined in Minnesota, the steel is poured in Iowa, and the plant is the first of its size since the 1960s. That is industrial policy with a map. Cafe rollback, the EV mandate gets the axe. The Trump administration unveiled new fuel economy standards Monday, rolling back Biden-era rules designed to cut emissions and shove more buyers into electric vehicles. CAFE, corporate average fuel economy, dates to Congress in 1975. It sets how many miles vehicles must go on a gallon, with separate tracks for light-duty vehicles and for medium and heavy-duty trucks.

5:47Automakers have improved average efficiency over time. That is not the fight. The fight was the Biden stack that treated CAFE as a backdoor EV quota. Under the new Trump rule, the National Highway Traffic Safety Administration estimates a fleet-wide average of 34.9 miles per gallon by model year 2031. Biden's rules projected 50.4 miles per gallon in 2031. The Department of Transportation said Monday the new standards will cut the average upfront cost of a new vehicle by$1 ,300 and give automakers more choice about what they actually build. Transportation Secretary Sean P. Duffy, thanks to President Trump's leadership, we have finally ended the illegal mandate that forced automakers to produce more expensive electric vehicles that American families didn't want.

6:45DOT says the rule will save Americans$138 billion over the next five years. That is the conservative case in one number. Families did not vote for a Washington mileage target that only works if you buy the car the regulators prefer. Trump just moved the target back toward the market and put a price tag on the old one. Title IX, Gender Identity Out, Women's Sports Back In. The Education Department announced Monday it has formally rescinded the Biden-era Title IX interpretation that extended sex discrimination protections to students on the basis of sexual orientation and gender identity. Schools now return to the Title IX code as it stood under Trump in 2020.

7:34The department says that protects women's sports. Education Secretary Linda McMahon, Thanks to today's action, the published Title IX regulations faithfully reflect court orders and congressional intent, reducing confusion for parents, students, and educational institutions. We will continue to relentlessly champion equal opportunity for all Americans and hold accountable any school or college that violates the rights, privacy, or athletic opportunities of our women and girls. rules. The Biden Title IX rule was already struck down after Republican states sued. Since Trump returned, the administration has run its own definition and cut deals with schools such as the University of Pennsylvania to pull transgender athletes out of women's programs.

8:26We're just acknowledging that boys and men are in boys and men's sports and girls are in theirs. Asked about new obligations or deadlines, she said schools should go back to the Trump era rules. She did not set a new compliance date. Title IX was set up to give everyone, including women, equal opportunity to sports. And then under the Biden regulations, many of those rights had been taken away. And so now this is just returned to Title IX as it was originally intended. Biden's 2024 rule expanded Title IX sex discrimination protections to include gender identity. A separate proposal on athletic eligibility was withdrawn in December 2024.

9:13Title IX was written so women and girls would have a fair shot. The last administration tried to rewrite sex until that shot disappeared. McMahon just put the statute back on the field. That's your first look this Tuesday. Quick recap, Mesabi Metallics plants a$15 billion steel complex in Iowa, 10 million tons a year by 2030, or from the first new U.S. iron mine in half a century, 1 ,750 jobs, and Iowa Republicans staring at November. Cafe comes off the Biden EV track, 34.9 miles per gallon instead of 50.4,$1 ,300 cheaper cars,$138 billion in savings, Duffy calling the mandate illegal. And Title IX is back to 2020.

10:08Sex means sex, and women's sports are not a suggestion. We'll keep following all of it. I'm Dave AI. Thanks for starting your day with First Look. See you tomorrow.