U.S. Steel Investing $60M in Gary Works
Subscriber Benefit
As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe Now
Pittsburgh-based U.S. Steel Corp. (NYSE: X) is planning to invest $60 million into its Gary Works mill. The steelmaker says the investment will allow for the production of up to 500,000 tons of pig iron annually.
U.S. Steel says the investment is part of an effort to advance its metallics strategy by utilizing electric arc furnaces for steel production in addition to more traditional blast furnaces. Pig iron is a raw material needed for electric arc furnaces.
“Our ability to control this important steelmaking input is a valuable competitive differentiator for our growing fleet of electric arc furnaces,” U.S. Steel Chief Executive Officer David Burritt said in written remarks. “An investment in pig iron is an important first step to translating our low-cost iron ore advantage to our EAF footprint while driving efficiencies at Gary Works.”
Once operational, the steelmaker says pig iron production in Gary is expected to provide nearly 50% of ore-based metallics needs for its Big River Steel subsidiary.
U.S. Steel says it plans to begin construction on the pig iron production operations in the first half of the year with production beginning in the first half of 2023.
The company did not specify if any jobs would be created. Inside INdiana Business has reached out to U.S. Steel for more information.