US Steel details plans to invest $11 billion by 2028 across all business segments
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NEW YORK (AP) — United States Steel on Tuesday detailed its billion-dollar multiyear growth plan with new owner Nippon Steel that includes modernizing the century-old steelmaker.
The announcement comes just five months after Nippon Steel finalized a “ historic partnership ” with the Pittsburgh steelmaker in a deal worth nearly $15 billion. That deal included a “golden share” provision that gave the federal government the power to appoint a board member and a say in some company decisions.
The combined company became the world’s fourth-largest steelmaker, and Nippon agreed to invest $11 billion to upgrade U.S. Steel’s facilities.
Tuesday the company said it will make the investments by the end of 2028. The plan targets unlocking $2.5 billion in savings from capital investments and another $500 million from operational efficiencies.
U.S. Steel says it has identified more than 200 initiatives to save money across all business segments, assisted by nearly 50 professionals from Nippon Steel. The company is modernizing and expanding its manufacturing operations and expanding research and development to feature “higher value, lower emission steel.”
CEO Dave Burritt said, “We have a robust pipeline of growth projects, ranging from the modernization of our Gary (Indiana) Works Hot Strip Mill to the new slag recycler at Mon Valley Works (Pennsylvania) and the development of new product capabilities.”
The plan is designed to “protect and create more than 100,000 jobs nationwide in the United States,” although U.S. Steel did not provide more specifics.
David McCall, president of United Steelworkers International, said in a statement, “Since our first engagement with Nippon, we’ve been clear that investing in these workers and their facilities is the best use of the company’s resources. As Nippon and U.S. Steel begin to lay out their vision, we encourage them to prioritize this skilled, union workforce – now and well into the future.”