United States Steel Corporation (NYSE: X) (“U. S. Steel”) today
announced that its next-generation highly sustainable and
technologically advanced steel mill will be located in Osceola,
Arkansas, close to U. S. Steel’s cutting-edge Big River Steel
plant. The facility is engineered to bring together the most
advanced technology to create the steel mill of the future that
delivers profitable solutions for our customers.
The new mill is designed to extend U. S. Steel’s customer
advantages as the company maps a bold path toward a more
sustainable future. The new optimized steel production facility is
expected to feature two electric arc furnaces (EAFs) with 3 million
tons per year of advanced steelmaking capability, a
state-of-the-art endless casting and rolling line, and advanced
finishing capabilities. This first use of endless casting and
rolling technology in the United States brings significant energy,
efficiency, and capability enhancements to the company’s
operations.
Upon completion, this project will apply to become LEED®
certified. The site selection is subject to a number of factors,
including final agreements with key partners. Permitting for the
project is underway and the company expects to break ground in the
first quarter of 2022, with project completion and full operation
anticipated in 2024.
“With this location selected and shovels ready, we are reshaping
the future of steelmaking,” said U. S. Steel President and Chief
Executive Officer David B. Burritt. “We had numerous competitive
site options, but Osceola offers our customers incomparable
advantages.”
When completed, the sophisticated new steelmaking facility in
combination with Big River Steel will form a 6.3 million ton mega
mill capable of providing many of the most advanced and sustainable
steels in North America. The new non-grain oriented electrical
steel and galvalume/galvanizing lines currently under construction
at Big River Steel will further advance U. S. Steel’s ability to
respond to customers’ pressing supply chain needs to satisfy their
own domestic manufacturing expansion. The location affords
abundant, increasingly renewable and clean power from Entergy
Arkansas, superior Class 1 rail service from BNSF with connections
to other railroads, Mississippi River docks and interstate trucking
access.
Burritt continued, “The State of Arkansas, Mississippi County,
the City of Osceola, Entergy, BNSF, and other parties have all
worked to make this the clear choice for a path to the future
without roadblocks. We’re not going to make our stakeholders wait
to see progress. We intend to break ground this quarter and get to
work as soon as permits are in hand. With its extraordinarily
low-cost structure, energy efficient production equipment, and
advanced capabilities, this $3 billion project will yield
significant benefits to our customers, stockholders, communities,
employees, and contribute to a more sustainable world.”
“Our nation and our customers need a robust and resilient supply
chain to meet consumers’ needs, and that starts with U. S. Steel’s
advanced, sustainable steels. Steel is critical to so much of what
the world builds, so how we make our products contributes directly
to a better, more sustainable world for all. This new facility will
build that future. Stay tuned. As we add this to our world-class
Big River Steel facility, you’re going to be seeing great things as
we advance the Best for All℠ future of steel.”
“Arkansas has created an ideal business environment for the
growth of the steel industry in our state,” Arkansas Governor Asa
Hutchinson said. “The investment and high paying jobs that will
result from this announcement will make a real difference in the
lives of many families in Northeast Arkansas. I am grateful for the
support of the legislature which was critical in winning this
expansion. Now, U. S. Steel is an important part of our future and
we look forward to continued success in the coming years.”
“Mississippi County has become a national leader in steel
production, and U. S. Steel’s decision to create ‘the steel mill of
the future’ in this community continues to underscore why,”
Arkansas Secretary of Commerce Mike Preston said. “Not only does
Arkansas have a trained workforce, a reliable electrical grid, and
easy access to river, rail, and highways, but it also has a
governor, a General Assembly, and numerous community partners and
stakeholders who recognize the importance of broadening economic
opportunities for Arkansans and who will go the extra mile to
compete for those opportunities. U. S. Steel is a highly regarded
member of the state’s business community, and we are excited to
continue our partnership with them as they establish the most
advanced steelmaking facility in North America—right here in
Arkansas.”
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. We intend 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,"
“will,” "may" and similar expressions or by using future dates in
connection with any discussion of, among other things, future
profitability and earnings, the construction or operation of new or
existing facilities, operating 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, anticipated disruptions to our
operations and industry due to the COVID-19 pandemic, changes in
global supply and demand conditions and prices for our products,
the integration of Big River Steel in our existing business,
business strategies related to the combined business, 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 our 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 our Annual
Report on Form 10-K for the year ended December 31, 2020, and those
described from time to time in our future reports filed with the
Securities and Exchange Commission. References to "we," "us,"
"our," the "Company," and "U. S. Steel," refer to United States
Steel Corporation and its consolidated subsidiaries.
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 26.2 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20220111006007/en/
John O. Ambler Vice President Corporate Communications T – (412)
433-2407 E – joambler@uss.com
Kevin Lewis Vice President Investor Relations T – (412) 433-6935
E – klewis@uss.com
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