United States Steel Corporation Announces a Site Selection Process to Expand its Mini Mill Steelmaking Advantage
16 Setembro 2021 - 05:32PM
Business Wire
United States Steel Corporation (NYSE: X) today announced, as
part of the continued transition to its Best for All℠ strategy, an
exploratory site selection process to build a new state-of-the-art
mini mill in the United States. The U. S. Steel Board of Directors
has authorized an exploratory site selection process to build
capability with a new, three-million-ton mini mill flat-rolled
facility to be constructed in the United States. The planned mini
mill will combine two state-of-the-art electric arc furnaces (EAF)
with differentiated steelmaking and finishing technology, including
purchased equipment already owned by the Company. The continued
adoption of mini mill technology will expand the Company’s ability
to produce the next generation of highly profitable proprietary
sustainable steel solutions, including Advanced High Strength
Steels. Potential locations include both states in which the
Company has existing EAF operations as well as greenfield sites.
The current estimated investment is approximately $3.0 billion and
is currently expected to be funded primarily from existing cash and
expected free cash flow. The final investment requirement is
subject to ultimate site selection and scope of value-added
downstream finishing assets.
The planned mini mill investment is a significant step towards
achieving the Company's 2030 goal of reducing its global greenhouse
gas (GHG) emissions intensity by 20%, compared to a 2018 baseline,
and positions the Company to progress on its 2050 net zero carbon
emission target. Additional mini mill steelmaking will also create
a platform to expand U. S. Steel’s verdeXTM sustainable product
line, delivering differentiated steels made with significantly
lower GHG emissions than the traditional integrated steelmaking
process.
“Our customers are looking for like-minded partners to continue
marching towards a sustainable future,” commented U. S. Steel
President and Chief Executive Officer David B. Burritt. “We are
demonstrating our commitment to this shared goal by beginning the
process to increase our sustainable steelmaking capability. We
already own and operate the most advanced and sustainable mini mill
in the United States. Now we plan to expand this competitive
advantage by continuing to combine our research and development and
product innovation, deep customer relationships, and low-cost iron
ore with additional mini mill steelmaking technology to create
long-term value for our investors. Our goal is to build capability
to get better, not bigger. By accelerating our transition to more
efficient mini mill steelmaking, we expect to continue
differentiating ourselves versus less efficient capacity while
improving our through-cycle profitability and lowering our capital
and carbon intensity.”
Final site selection and other construction terms are subject to
a number of factors, including state and local support and final
approval by the U. S. Steel Board of Directors. Upon receipt of
required environmental and operating permits, the Company would
expect to begin construction of the mini mill in the first half of
2022 with production currently expected to begin in 2024. The
Company plans to share more details regarding its strategic
progress on its third quarter earnings call.
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, 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/20210916005861/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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