U. S. Steel’s Operations in Minnesota Generated $1.8 Billion in Economic Impact
07 Dezembro 2023 - 1:00PM
Business Wire
5,284 jobs supported or sustained by economic
activity
United States Steel Corporation’s (“U. S. Steel”) Minnesota Ore
Operations in the Mesabi Iron Range of northern Minnesota
contributed $1.8 billion to the local and state economy in Fiscal
Year 2022 (FY22), according to an economic impact report released
today. The report further concludes that U. S. Steel’s economic
activity supported or sustained 5,284 jobs. Facilities in this
region include Minntac in Mt. Iron and Keetac in Keewatin.
‘’We are thrilled that U. S. Steel makes such tremendous
contributions throughout the iron range of Minnesota,” said David
B. Burritt, President and Chief Executive Officer, U. S. Steel.
“Our operations support more than 5,000 family-sustaining jobs and
allow us to support the community as one of the region’s largest
employers.”
“U. S. Steel and iron mining have a massive impact on the state.
The industry continues to reinvent itself and its product for the
better,” said Kristen Vake, Executive Director, Iron Mining
Association of Minnesota. “U. S. Steel’s sustainability plan is
ahead of the times as they continue to push for a cleaner
environment.”
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 $1.8 billion total economic impact of U. S. Steel’s
operations in Minnesota in FY22 included $911.9 million from direct
impact and $865.4 million in indirect/induced impact.
- In FY22, the value added impact generated by U. S. Steel’s
operations in Minnesota is $1 billion ($570.2 million direct and
$458 million indirect/induced).
- U. S. Steel’s operations in Minnesota supported an estimated
5,284 jobs (1,865 direct and 3,419 indirect/induced in FY22).
- Through its operations and capital spending in FY22, U. S.
Steel generated $141 million in state and local taxes in
Minnesota.
- Minnesota Ore Operations contributes annually to Minnesota
public schools through the Minnesota Permanent School Fund. U. S.
Steel has contributed more than $154 million since 2018 and is the
largest contributor to this fund.
- In FY22, U. S. Steel employees contributed an estimated $1.8
million in value to local charities through philanthropic giving
and volunteering in the local community.
The study, commissioned by U. S. Steel, was conducted by Parker
Philips, a nationally recognized consulting firm 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. “U. S. Steel’s operations in Minnesota’s Iron Range have
an outsized impact in the region and its impacts ripple throughout
the entire state with significant dollars flowing to the public
school system and the University of Minnesota System.”
To view the full report on U. S. Steel’s economic impact in
Minnesota, 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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