U. S. Steel’s Operations in Arkansas Generated $383.2 Million in Economic Impact
11 Outubro 2023 - 4:44PM
Business Wire
1,747 jobs created or sustained by economic
activity
United States Steel Corporation (“U. S. Steel”) operations in
Arkansas, which includes Big River Steel in Osceola, and Wheeling
Machine Products in Pine Bluff, contributed more than $383.2
million to local and state economies in Fiscal Year 2022, according
to an economic impact report released today. The study further
concludes that U. S. Steel’s economic activity supported or
sustained 1,747 jobs. With the upcoming Oct. 12 ribbon-cutting of
U. S. Steel’s new non-grain oriented (“NGO”) electrical steel line
for advanced, low carbon, electric steels, and the ongoing
construction of a second mini mill steelmaking facility dedicated
to the transition to sustainable steel production, U. S. Steel is
poised to continue driving an economic transformation through the
state and region.
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“At U. S. Steel, our Best for All® strategy means delivering
stockholder value and being the best partner to our customers, our
suppliers, our planet, and the communities in which we operate,”
said President and Chief Executive Officer David B. Burritt. “That
certainly includes Arkansas. We are thrilled that U. S. Steel’s
operations have had such a transformative effect in northeast
Arkansas. And we’ve only just begun; Big River Steel 2, currently
under construction, will create another 900 jobs.”
By offering competitive wages, which attract talent to the area
and provide an opportunity to improve the standard of living, U. S.
Steel jobs have a profound impact on Arkansas residents.
“These jobs with these kinds of pay levels create the
opportunity for wealth-building in families that literally changes
the arc of affordability generation to generation,” said Randy
Zook, President and Chief Executive Officer of the Arkansas State
Chamber of Commerce and the Associated Industries of Arkansas.
“As a community partner, our goal is to bring value to Osceola,
northeast Arkansas, and the state, over the long haul. With the
ongoing success of our first plant and construction of our second
one well underway, we look forward to continuing our profitable and
productive relationship with the people of Arkansas and adding even
greater economic benefits to the regional community,” said Daniel
Brown, Senior Vice President of Advanced Technology Steelmaking and
Chief Operating Officer of Big River Steel Works.
The study, commissioned by U. S. Steel, was conducted by Parker
Philips, a nationally recognized consulting firm specializing in
economic impact analysis.
“An economic impact analysis is an objective way to measure the
impact of an organization in the regional economy. It is a tool
that policy makers and local businesses can use to inform their
decisions,” said Nichole Parker, a principal partner at Parker
Philips. “Through its operations, as well as philanthropic giving
and community engagement, U. S. Steel is making a major
contribution to the local, state, and regional economies.”
In the analysis, the study considered the direct spending on
operations, pay, benefits, and capital projects by U. S. Steel and
the estimated increase in demand for goods and services in industry
sectors that supply or support the company. The study also measured
the impact of charitable giving by U. S. Steel and its
employees.
Among the highlights in the report:
- The $383.2 million total economic impact of U. S. Steel’s
operations in Arkansas in FY22 included $219 million from direct
impact and $164.2 million in indirect/induced impact.
- The value-added impact generated by U. S. Steel’s operations in
Arkansas on the economy is $282.7 million ($196.1 million direct
and $86.6 indirect/induced).
- The operations of U. S. Steel in Arkansas supported more than
1,747 jobs (878 direct and 869 indirect/induced in FY22).
- Through its operations and capital spending in FY22, U. S.
Steel contributed $16.3 million in state and local taxes in
Arkansas.
- In 2022, U. S. Steel donated $1 million to organizations in
Mississippi County and Osceola, Arkansas.
- U. S. Steel employees contributed an estimated $800,000 to
local charities through philanthropic giving and volunteering in
the local community.
- The Big River Steel 2 construction project will have an impact
of $5.2 billion, based on $3 billion of direct spending over a 4+
year timespan.
To view the full report and learn more about U. S. Steel’s
community engagement in Arkansas click here.
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/20231011632526/en/
Amanda Malkowski Media Relations Manager Corporate
Communications C- (412) 736-2475 E – almalkowski@uss.com
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