U. S. Steel Celebrates Advancement in Metallics Strategy with DR-Grade Pellet Capability at Keetac
06 October 2022 - 07:54AM
Business Wire
United States Steel Corporation (NYSE: X) (“U. S. Steel”)
leadership and employees were joined by Minnesota Governor Tim
Walz, other elected officials, and key partners to celebrate the
Company’s investment in direct reduced (DR)-grade pellet
capabilities at its Minnesota Ore Operations Keetac plant today.
The investment marks a step forward in U. S. Steel’s metallics
strategy by supplying the increasingly tight DR-grade pellet market
and provides the company with the flexibility to feed a potential
future direct reduced iron (DRI) or hot briquetted iron (HBI)
facility. DRI and HBI are important electric arc furnace metallics
inputs.
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U. S. Steel President and CEO David B.
Burritt addressing the crowd at DR-grade pellet investment
celebration at Keetac. (Photo: Business Wire)
Minnesota Governor Tim Walz joined the celebration along with U.
S. Steel President and CEO David B. Burritt and Senior Vice
President and Chief Manufacturing Officer Scott Buckiso to discuss
U. S. Steel’s commitment to produce products that are mined, melted
and made in America. The $150 million investment expands on the
Company’s existing competitive advantage in low-cost iron ore.
“Our investment at Keetac is a commitment to the future of
American steel,” said U. S. Steel President and CEO David B.
Burritt. “As we look forward to celebrating National Manufacturing
Day on Friday, I want to recognize the exceptional team working on
this project and our employees for their dedication. When we do
well, so do our employees and the communities where we live and
work; the Iron Range remains a critical part of our future.”
The Company broke ground on the facility in the third quarter of
2022, and the facility is expected to be operational in late 2023
with first pellets produced in 2024.
“I’m proud to celebrate U. S. Steel’s major investment in the
Northland,” said Governor Walz. “Minnesota’s steel industry is a
critical part of our history, culture, and thriving economy – and a
critical job creator on the Iron Range. I look forward to the
growth this investment will bring to both our regional and
statewide economies.”
In addition to producing DR-grade pellets to ultimately feed
EAFs, the production facility will maintain flexibility to continue
producing blast furnace grade pellets. Upon completion, the Company
could also sell the new pellets to third-party DRI or HBI
producers. The DR-grade pellets produced will be a new product line
for U. S. Steel.
“Ensuring domestic production helps Minnesota and protects us
against global supply chain challenges and geopolitical
uncertainty,” said Doug Loon, President and CEO of the Minnesota
Chamber of Commerce. “This project helps secure a bright future for
mining in Minnesota.”
For more information about the project and today’s event click
here.
Cautionary Language on Forward-Looking Statements:
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, the
construction or operation of new or existing facilities, trends,
events or developments that we expect or anticipate will occur in
the future, changes in global supply and demand conditions and
prices for our products and statements regarding our future
strategies 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 may differ, possibly materially, from the anticipated
results 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. Our 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 our 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 on
this webpage and in “Item 1A. Risk Factors” in our Annual Report on
Form 10-K and those described from time to time in our reports
filed with the Securities and Exchange Commission.
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 22.4 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/20221005005583/en/
Amanda Malkowski Media Relations Manager Corporate
Communications C - (412) 736-2475 E - almalkowski@uss.com
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