US Steel announced it is restarting one of its steel mills thanks to Donald Trump’s tariffs.
United States Steel Corporation (NYSE: X) today announced the restart of construction on a technologically advanced electric arc furnace (EAF) steelmaking facility at its Tubular Operations in Fairfield, Ala., located in Jefferson County. U. S. Steel previously initiated construction of the EAF in March 2015 and suspended construction in December 2015 due to unfavorable market conditions.
“We are pleased to announce the achievement of the market and performance stage gates required to restart our Tubular Segment EAF. This investment is an important step to improve our cost structure and positions our Tubular business to win over the long-term. We are committed to investing in the sustainable steel technology required to be a value-added tubular solutions provider for our customers,” said President and Chief Executive Officer David B. Burritt.
The investment to complete the EAF, which includes modernization of the existing rounds caster, is expected to be approximately $215 million and add about 150 full-time employees. The EAF will have an annual capacity of 1.6 million tons. Construction is expected to begin immediately and the furnace is expected to produce steel rounds in the second half of 2020.
Said Burritt, “Thanks to the President’s strong trade actions and improved market conditions, support from the United Steelworkers and incentives from the State of Alabama and the Jefferson County Commission, we are excited to add EAF capabilities to our company’s footprint and provide sustainable tubular solutions for our customers.”
United States Steel Corporation, headquartered in Pittsburgh, Pa., is a leading integrated steel producer and Fortune 250 company with major operations in the United States and Central Europe. For more information about U. S. Steel, please visit www.ussteel.com