Morning Business Report: $15 billion steel plant planned for Iowa as Senate passes college sports bill
President Donald Trump announced plans Monday for a $15 billion steel plant in Iowa that is expected to begin production in 2030.
(LILAMAX)- President Donald Trump announced plans Monday for a $15 billion steel plant in Iowa that is expected to begin production in 2030.
Minnesota-based Mesabi Metallics will operate the facility. The planned plant is expected to initially produce about 7.5 million tons of steel annually, with capacity eventually reaching about 10 million tons.
Meanwhile, the U.S. Senate approved the bipartisan Protect College Sports Act, legislation aimed at establishing federal rules for the changing landscape of college athletics. The measure passed the Senate 77-22 and still requires approval from the House.
The legislation would codify college athletes’ right to earn money from their name, image and likeness while also establishing rules surrounding transfers and eligibility.
On Wall Street, stocks closed lower Monday as oil prices and interest rates moved higher.
Walmart CEO John Furner says the retailer will not use dynamic or surveillance pricing, in which prices can change based on factors such as demand, time of day or a customer’s previous purchases.
Furner said Walmart’s approach is to price the product rather than the individual customer.
And a new survey found 48% of Americans are “career cushioning,” or exploring backup career options in case their current job no longer meets their expectations.
The poll, conducted by TripleTen and Talker Research, found 77% of those exploring other options have already started preparing for a backup career.
Nearly half of those who have remained in their current jobs said their responsibilities and duties have changed significantly over the past two years, including the need to learn new technologies.
