US Steel commits $2 billion for asset revitalization

Thursday, 16 August 2018 22:42:19 (GMT+3)   |   San Diego
       

According to a recent press release, US Steel is committing $2 billion in funds towards asset revitalization efforts in the company that will take place over the next five years. Gary Works, the company's largest manufacturing plant, is being allotted $750 million (37.5 percent) of that investment. According to the Indiana Economic Development Corporation (IEDC), the investment in Gary Works will not create new jobs but will retain more than 3,800 full-time positions. The IEDC, pending approval, will offer the company $10-12 million in conditional tax credits and training grants. The city of Gary will also be providing tax incentives to the steel mill.

The plant can produce 7.5 million net tons of raw steel each year and it includes steel making and finishing capabilities. Plans for the modernization initiative include new production equipment, machinery and technology. The facility serves customers in automotive, energy, industrial, metal building components, home construction, appliance and container industries.


Similar articles

US Steel to invest in upgrades at Clairton coke plant, to close coke battery No.15

30 Jan | Steel News

JSW Steel USA Ohio to raise $145 million debt funding to upgrade mill

08 Dec | Steel News

US-based Alton Steel partners with Qcells for clean energy

26 Sep | Steel News

Nucor breaks ground for new rebar micro mill in North Carolina

29 Aug | Steel News

Outokumpu explores options to expand operations in US

07 Aug | Steel News

ArcelorMittal postpones commissioning of Calvert EAF in US

28 Jul | Steel News

Boston Metal receives $20 million funding for decarbonization efforts

01 Jun | Steel News

72 Steel plans to build steel plant in Pennsylvania

16 May | Steel News

US-based Highbar orders rebar mini-mills from SMS Group

09 Feb | Steel News

Spain’s Acerinox to increase its flat steel production capacity in US

30 Jan | Steel News