Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
In Western Pennsylvania—the cradle of the aged United States steel industry—steelmaking has a bright future, thanks to a commitment by US Steel Corp. to spend more than $1 billion upgrading facilities at its three-plant Mon Valley Works.
The company recently announced it will invest in the three mills just outside Pittsburgh, in the region’s so-called “Mon Valley,” which is set alongside the Monongahela River. It’s a historic home to steelmaking and an important area for seminal moments in union history, including the Homestead Strike of 1892.
United States Steel Corp. announced Tuesday (Oct. 1) it has taken a first step toward acquiring Big River Steel through the purchase of a 49.9% ownership stake for $700 million in cash, with a call option to acquire the remaining 50.1% over the next four years.
U. S. Steel also said it has already committed financing to execute the transaction. The implied enterprise value of Big River Steel, including the expected completion of its Phase II-A expansion, which is fully-funded and already under construction, is approximately $2.325 billion.
David Burritt, U.S. Steel CEO, said the new partnership with Big River Steel is designed to accelerate the Pittsburgh-based steel giant’s strategy to incorporate all of its capabilities of integrated and mini mill steel production.
“Big River operates the most advanced, state-of-the-art and sustainable mill in North America, and our investment would ultimately strengthen our competitive positioning in highly strategic steel-end markets, creating an unmatched value proposition for our stakeholders,” Burritt said. “We have been investing in leading technology and advanced manufacturing so that we can assemble a portfolio of competitive assets with distinct advantages to serve strategic markets to better position.”
Cheering people loosing jobs because you hate is disgusting.I would not wish that or your family.If you are so smart start a company and hire workers and try to be successful in a competitive market and tell us how easy it is.And then blame your shortcomings on someone else.I ran my own business for 30 yrs and finally retired when Obama told me I didn't build it.
"Advanced, state-of-the-art," "creating an unmatched value proposition for our stakeholders," ... sounds like automation and fewer workers.
It does not matter what industry it is, there is always an increase in production per employee. Technology marches on and once AI comes on the scene every job is at risk.
U.S. Steel’s stock closed down Friday about 11% at $11.91 as the company announced a dividend cut and forecast a wider-than-expected loss in the fourth quarter. The company’s shares have plunged 75% since March 1, 2018, when Trump announced his decision to crack down on foreign steel imports.
Cheering people loosing jobs because you hate is disgusting.I would not wish that or your family.If you are so smart start a company and hire workers and try to be successful in a competitive market and tell us how easy it is.And then blame your shortcomings on someone else.I ran my own business for 30 yrs and finally retired when Obama told me I didn't build it.
Sounds like they overproduced when they heard about the tariffs, and that increased production has led to an oversupply in the market that has reduced prices. I’m sure there are tons of other reasons for the layoffs too. Sad to hear about, especially this time of year. I did hear that US Steel plans to open up more plants in the Mon Valley in PA, but that doesn’t do anything to help the workers in Michigan.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
