OSCEOLA, Ark.--(BUSINESS WIRE)--Oct 12, 2023--
United States Steel Corporation (NYSE: X) (“U. S. Steel”) today hosted a ribbon cutting ceremony for the opening of its new, non-grain oriented (“NGO”) electrical steel line at its Big River Steel facility in Osceola, Arkansas. The successful startup of the line marks a significant milestone for U. S. Steel, as the line has the capacity to produce more tons of NGO electrical steel per year in the United States than any other domestic steelmaker, while supplying sustainable steel solutions that are best for people and the planet.
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The ribbon is officially cut at the opening of U. S. Steel’s new non-grain oriented electrical steel line. Pictured left to right: Robert Costello, Cold Rolling Manager, Big River Steel Works; Mississippi County Judge John Alan Nelson; Osceola, Arkansas Mayor Joe Harris, Jr.; Daniel Brown, Senior Vice President of Advanced Technology Steelmaking and Chief Operating Officer, Big River Steel Works; U. S. Steel President and Chief Executive Officer David B. Burritt; Arkansas State Representative Jon Milligan; Jim Bell, U. S. Steel Vice President – Construction; and Tommie Kifer, Operations Manager, Big River Steel Works. (Photo: Business Wire)
This new line is the latest example of U. S. Steel’s customer-centric strategy, as it expands its portfolio of products needed to serve growing markets and help customers meet their sustainability goals. The key product that will be produced on the line, InduX™, positions U. S. Steel as a crucial supplier for the expanding electric vehicle market, as no electric vehicle, motor, or generator today is operational without the steel grades needed to transform electrical power into usable energy. The line is the final step in a steelmaking process that utilizes up to 90% scrap steel as raw material and reduces carbon emissions (Scope 1 and Scope 2) up to 70-80% compared to traditional integrated steelmaking, while producing sustainable, infinitely recyclable steels like InduX™.
“The American manufacturing renaissance continues in Osceola today, thanks to the innovative minds and hard work of our employees,” said U. S. Steel President and Chief Executive Officer David B. Burritt. “This investment will enable us to serve our customers as they address growing markets, like electric vehicles, with the knowledge that the steel they are receiving is not only sustainable, but also mined, melted and made in America.”
Titled, “Energize the Future: EmPOWERing the Green Revolution,” the event underscored how Big River Steel remains focused on innovation and excellence, playing a key role in the industry’s transformation to low-carbon steel production. It was one of the first mills in the world to be LEED ® certified and the first steel mill in North America to receive ResponsibleSteel™ site certification. The new line is the length of nearly eight football fields at approximately 2,333 feet long, and with a 200,000-ton annual capacity.
“Hundreds of our industry-best employees made today possible. Every day, their dedication to this community and to American manufacturing are building this country to be stronger and more sustainable than ever before. This investment will allow our customers to purchase more steel made here in the USA and help them to meet their own sustainability goals,” said U. S. Steel Senior Vice President of Advanced Technology Steelmaking and Chief Operating Officer of Big River Steel Works, Daniel R. Brown.
A newly released economic impact study revealed, in 2022, Big River Steel generated $383.2 million in total economic impact 1, contributing $16.3 million in state and local taxes, and supporting and sustaining 1,747 jobs (direct and indirect/induced) that provide workers and their families opportunity for upward mobility. Big River Steel is projected to have $5.2 billion in construction impact, based on $3 billion of direct spending over 4-plus years on Big River Steel 2, the largest single investment in Arkansas’ state history.
“Congratulations to U. S. Steel for opening their newest steel line at Osceola’s Big River Steel facility. As this project shows, when business, government, and communities work together, anything is possible,” said Arkansas Governor Sarah Huckabee Sanders.
Following the full acquisition of Big River Steel in 2021, U. S. Steel commenced construction of the NGO line in October 2022. The $450 million project was completed on time and on budget.
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Founded in 1901, United States Steel Corporation is a leading steel producer. With an unwavering focus on safety, the Company’s customer-centric Best for All ® strategy is advancing a more secure, sustainable future for U. S. Steel and its stakeholders. With a renewed emphasis on innovation, U. S. Steel serves the automotive, construction, appliance, energy, containers, and packaging industries with high value-added steel products such as U. S. Steel’s proprietary XG3 ® advanced high-strength steel. The Company also maintains competitively advantaged iron ore production and has an annual raw steelmaking capability of 22.4 million net tons. U. S. Steel is headquartered in Pittsburgh, Pennsylvania, with world-class operations across the United States and in Central Europe. For more information, please visit www.ussteel.com.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This release contains information that may constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. U. S. Steel intends the forward-looking statements to be covered by the safe harbor provisions for forward-looking statements in those sections. Generally, we have identified such forward-looking statements by using the words “believe,” “expect,” “intend,” “estimate,” “anticipate,” “project,” “target,” “forecast,” “aim,” “should,” "plan," "goal," "future," “will,” "may" and similar expressions or by using future dates in connection with any discussion of, among other things, the construction or operation of new or existing facilities or operating capabilities, operating or financial performance, trends, events or developments that we expect or anticipate will occur in the future, statements relating to volume changes, share of sales and earnings per share changes, anticipated cost savings, potential capital and operational cash improvements, changes in the global economic environment, including supply and demand conditions, inflation, interest rates, supply chain disruptions and changes in prices for our products, statements regarding our future strategies, products and innovations, statements regarding our greenhouse gas emissions reduction goals, statements regarding existing or new regulations and statements expressing general views about future operating results. However, the absence of these words or similar expressions does not mean that a statement is not forward-looking. Forward-looking statements are not historical facts, but instead represent only the Company’s beliefs regarding future events, many of which, by their nature, are inherently uncertain and outside of the Company’s control. It is possible that the Company’s actual results and financial condition may differ, possibly materially, from the anticipated results and financial condition indicated in these forward-looking statements. Management believes that these forward-looking statements are reasonable as of the time made. However, caution should be taken not to place undue reliance on any such forward-looking statements because such statements speak only as of the date when made. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. In addition, forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from the Company's historical experience and its present expectations or projections. These risks and uncertainties include, but are not limited to, the risks and uncertainties described in “Item 1A. Risk Factors” in the Company’s Annual report on Form 10-K for the year ended December 31, 2022 and those described from time to time in its future reports filed with the Securities and Exchange Commission.
1 Total economic impact includes spending on operations, capital expenditures, labor income expenditures, and value added to the economy as a result of expenditures made by a corporation.
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CONTACT: Amanda Malkowski
Media Relations Manager
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T - (412) 736-2475
E -almalkowski@uss.com
KEYWORD: UNITED STATES NORTH AMERICA ARKANSAS PENNSYLVANIA
INDUSTRY KEYWORD: ENVIRONMENT CONSTRUCTION & PROPERTY STEEL PACKAGING AUTOMOTIVE MANUFACTURING MANUFACTURING SUSTAINABILITY MACHINE TOOLS, METALWORKING & METALLURGY OTHER CONSTRUCTION & PROPERTY
SOURCE: United States Steel Corporation
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PUB: 10/12/2023 03:59 PM/DISC: 10/12/2023 04:00 PM
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