11,417 jobs supported or sustained by economic
activity
United States Steel Corporation (“U. S. Steel”) (NYSE: X)
operations in Pennsylvania, which include U. S. Steel’s corporate
headquarters in Pittsburgh and sites in Braddock, Clairton,
Fairless Hills, Munhall, and West Mifflin, contributed $3.6 billion
to the local and state economy in Fiscal Year 2022, according to an
economic impact report released today. The report further concludes
that the U. S. Steel’s economic activity supported or sustained
11,417 jobs.
“At U. S. Steel, we are thrilled to be the best partner to the
communities in which we serve. We are deeply rooted in
Pennsylvania, having operated here for more than a century,” said
President and Chief Executive Officer David B. Burritt. “The steel
that U. S. Steel creates keeps Pennsylvania – and America --
running strong. U. S. Steel is southwest Pennsylvania.”
“U. S. Steel and our employees are heavily engaged in
Pennsylvania,” said Scott D. Buckiso, Senior Vice President and
Chief Manufacturing Officer, North American Flat-Rolled Segment.
“Beyond our economic impact, we support the communities where we
live and work through charitable giving, volunteerism, and
strategic partnerships to empower future generations.”
The study, commissioned by U. S. Steel, was conducted by Parker
Philips, a nationally recognized consulting firm based in Erie that
specializes 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. “The numbers speak for themselves. U. S. Steel’s impact
from both an economic and employment perspective cannot be
overstated.”
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 $3.6 billion total economic impact of U. S. Steel’s
operations in Pennsylvania in FY22 included $1.9 billion from
direct impact and $1.7 billion in indirect/induced impact.
- The value added impact generated by U. S. Steel’s operations in
Pennsylvania is $1.9 billion ($1 billion direct and $907.5 million
indirect/induced).
- U. S. Steel’s operations in Pennsylvania supported an estimated
11,417 jobs (3,703 direct and 7,714 indirect/induced in FY22).
- Through its operations and capital spending in FY22, U. S.
Steel generated $138.2 million in state and local taxes in
Pennsylvania.
- U. S. Steel is an integral partner with organizations across
southwest Pennsylvania. For example, U. S. Steel partners with the
Braddock Carnegie Library, the Pittsburgh Steelers, and the
Pittsburgh Penguins on various community activities, including
reading programs and STEM learning initiatives.
- In 2022, U. S. Steel employees contributed an estimated $3.4
million in value to local charities through philanthropic giving
and volunteering in the local community.
To view the full report on U. S. Steel’s economic impact in
Pennsylvania click here.
About U. S. Steel
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.
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. U. S. Steel intends
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 or 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, share of sales and earnings per share 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 prices for our products, 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. 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 its 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 the Company’s
Annual report on Form 10-K for the year ended December 31, 2022 and
those described from time to time in its future reports filed with
the Securities and Exchange Commission.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20231029115394/en/
Amanda Malkowski Media Relations Manager Corporate
Communications C – (412) 736-2475 E – almalkowski@uss.com
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