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Trump Announces $15B Steel Factory Investment in Iowa
Catch up on the top industries and stocks that were impacted, or were predicted to be impacted, by the comments, actions and policies of President Donald Trump with this daily recap compiled by The Fly.STEEL FACILITY:U.S. President Donald Trump is slated to announce plans for a $15B Mesabi Metallics steel factory in Iowa, Bloomberg's Monique Mulima reports. Publicly traded companies in the space include ArcelorMittal, Cleveland-Cliffs, Nucor, Steel Dynamicsand U.S. Steel.TAX RELIEF:The White House is weighing broader use of tax-exempt red-dyed diesel as an alternative to restricting exports, potentially reducing fuel costs for some buyers without directly addressing underlying supply constraints, while the administration continues to consider voluntary export limits amid record diesel prices, Reuters' Jarrett Renshaw and Nicole Jao. The Trump administration is looking for ways to bring down diesel prices without disrupting fuel supplies or creating additional costs elsewhere in the economy, the report says, adding that the administration has also been seeking voluntary commitments from major refiners to limit diesel exports. Publicly traded companies in the space include Valero, Phillips 66, and Marathon Petroleum.ARMY CONTRACT:Parsonsannounced that the company was selected by Army Contracting Command - Rock Island, in coordination with Air Force Civil Engineering Center to provide comprehensive Owner's Advisor support for the progressive design-build development of the U.S. Space Command's new headquarters at Redstone Arsenal in Huntsville, Alabama. The initial $85M agreement consists of a 75-month performance period and represents new work for the company and capitalizes on the synergies of Parsons' Federal Solutions and Critical Infrastructure portfolio. The agreement will oversee one of the Department of War's largest PDB initiatives to date and is one of the Air Force's first uses of an Owner's Advisor delivery approach and will set an example for future use of the Owner's Advisor delivery approach.DEFENSE LOGISTICS AGENCY:Metallusannounced that the U.S. Defense Logistics Agency, the logistics agency for the Department of War, has awarded the company an Indefinite Delivery/Indefinite Quantity contract to supply steel for critical defense applications. Under this single-award, firm-fixed-price IDIQ contract, the DLA may purchase material through delivery orders issued during the contract term. The contract has a five-year ordering period and a maximum ceiling of $995M. This ceiling represents the maximum amount the DLA may order over the contract term and is not a commitment to purchase that amount. On September 29, 2026, Metallus received an initial delivery order under the contract valued at approximately $125M. The company has up to 24 months to fulfill each delivery order.
Metallus Awarded $995M Contract by U.S. Defense Logistics Agency
Metallus announced that the U.S. Defense Logistics Agency, the logistics agency for the Department of War, has awarded the company an Indefinite Delivery/Indefinite Quantity contract to supply steel for critical defense applications. Under this single-award, firm-fixed-price IDIQ contract, the DLA may purchase material through delivery orders issued during the contract term. The contract has a five-year ordering period and a maximum ceiling of $995M. This ceiling represents the maximum amount the DLA may order over the contract term and is not a commitment to purchase that amount. On September 29, 2026, Metallus received an initial delivery order under the contract valued at approximately $125M. The company has up to 24 months to fulfill each delivery order.
Metallus Up 8% After Winning $995M Contract
Metallus up 8% afterhours after company was awarded $995M contract
Metallus Awarded $995 Million Contract
Metallus has been awarded a maximum $995,000,000 firm-fixed-price contract for High Fragmentation 1 Steel. The was a sole-source acquisition using justification 10 U.S. Code 3204 (a)(3)(A), as stated in Federal Acquisition Regulation 6.103-3 (b)(1). This is a five-year contract with no option periods. The performance completion date is Sept. 24, 2031. Using military services are Army, Marine Corps, Navy, Air Force and Space Force. Type of appropriation is fiscal 2025 through 2029 transaction funds.
Metallus CEO Mike S. Williams Announces Retirement
Metallus "announced that Michael (Mike) S. Williams has notified the company's board of directors of his intention to retire from his position as chief executive officer and as a member of the board of directors effective December 31, 2026. The board has appointed Kristopher (Kris) R. Westbrooks, president and chief operating officer of Metallus, to succeed Mr. Williams as president and chief executive officer and as a member of the board of directors effective January 1, 2027. Mr. Williams will continue to serve as a special advisor to the CEO and board of directors until June 30, 2027."
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