New product for the growing American electric
vehicle market
United States Steel Corporation (NYSE: X) today announced that
its new electrical steel product, InduX™, will begin production at
its Big River Steel facility in the summer of 2023 with the
commissioning of its new non-grain oriented (NGO) electrical steel
line.
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U. S. Steel introduces InduX™ electrical
steel for the growing American electric vehicle market.
InduX™ electrical steel is a very wide, ultra-thin, and
light-weight steel, having all the magnetic properties necessary
for electric vehicles (EV), as well as generators and transformers.
In an EV, the better the magnetic properties, the better the motor
efficiency, and the more mileage a vehicle can achieve. By
producing InduX™ steel in the United States, U. S. Steel is making
a significant investment in American jobs and bolstering the
resilience of the country’s domestic supply chain.
InduX™ steel will be produced on the new NGO electrical steel
line at Big River Steel in Osceola, Arkansas. NGO line construction
is currently underway, and when fully operational, will produce up
to 200,000 tons of InduX™ steel per year. Total expected capital
expenditures for the NGO line of approximately $450 million is
funded by cash generated from Big River Steel.
The product unveiling was made during the Corporate Climate
Leadership panel at the Ceres Global conference in New York City.
U. S. Steel Senior Vice President and Chief Strategy and
Sustainability Officer, Richard L. Fruehauf, joined others who
emphasized the need for partnerships in advancing decarbonization
efforts.
“We know achieving our goal of net-zero GHG emissions by 2050
requires extraordinary action from everyone, and we are doing our
part by collaborating to find new business approaches and to
develop new technologies,” said Fruehauf. “Moreover, steel’s
adaptability and near-infinite recyclability make it the ideal
material to build safe, modern, and sustainable societies.”
U. S. Steel was the first North American headquartered steel
company to announce a 2050 net-zero greenhouse gas (GHG) emissions
goal (Scope 1 and Scope 2) and to join ResponsibleSteel™, but the
benefits of its strategic initiatives go beyond the steel industry
alone. “Our customers, including the EV manufacturers, have
announced their own decarbonization goals,” said Kenneth E. Jaycox,
U. S. Steel Senior Vice President and Chief Commercial Officer.
“While we’re advancing on our sustainability goals, we’re also
helping our customers meet theirs. That mutual benefit is inherent
to our Best for All ® strategy.”
Additional detail on InduX™ electrical steel will be provided at
www.ussteel.com in the coming weeks. More information on U. S.
Steel’s greenhouse gas emissions reduction targets and
environmental efforts can be found here.
U. S. Steel Cautionary Note Regarding 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,”
“plan,” “goal,” “future,” “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 and operating capabilities, operating or financial
performance, trends, events or developments that we expect or
anticipate will occur in the future, statements relating to volume
changes, shares of sales and earnings per shares changes,
anticipated cost savings, potential capital and operational cash
improvements, changes in the global economic environment, including
supply and demand conditions, inflation, interest rates, supply
chain disruptions and changes in the prices for our products,
international trade duties and other aspects of international trade
policy, statements regarding our future strategies, products and
innovations, statements regarding our greenhouse gas emissions
reduction goals, statements regarding existing or new regulations
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. 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 in “Item 1A Risk Factors” in our Annual
Report on Form 10-K for the year ended December 31, 2022 and those
described from time to time in our future reports filed with the
Securities and Exchange Commission.
References to "U. S. Steel," "the Company," "we," "us," and
"our" refer to United States Steel Corporation and its consolidated
subsidiaries, and references to “Big River Steel” refer to Big
River Steel Holdings LLC and its direct and indirect subsidiaries
unless otherwise indicated by the context.
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/20230322005576/en/
Arista E. Joyner Manager Financial Communications T – (412)
433-3994 E – aejoyner@uss.com
US Steel (NYSE:X)
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