The United States Steel Corporation unveiled plans on Nov. 4 to create approximately $14 billion in growth by modernizing and expanding its operations through its partnership with Nippon Steel Corporation, which acquired the former this past summer.
U.S. Steel said it would deploy $11 billion in capital commitments from Nippon Steel over the next three years that could potentially unlock an additional $3 billion in value through operational efficiencies and increased earnings. The steelmakers plan to modernize and expand steel production at major production facilities in Indiana and Pennsylvania, expand research and development, and create more than 100,000 jobs.
“We have a robust pipeline of growth projects, ranging from the modernization of our Gary Works Hot Strip Mill to the new slag recycler at Mon Valley Works and the development of new product capabilities,” U.S. Steel CEO Dave Burritt said. “These initiatives are already delivering real results. We are well on our way to building a stronger, more competitive company.”…