U.S. Steel to Invest $750M to Upgrade Indiana Plant

Noria news wires

U.S. Steel recently announced plans to make significant upgrades at its plant in Gary Works, Indiana, through a $750 million asset revitalization investment. The capital investments will be made over five years to modernize and enhance the facility through building expansion and improvement, including installation of state-of-the-art production equipment, machinery and modernizing technology to better serve customers in the automotive, energy, industrial, metal-building components, home construction, appliance and container industries.

"We are pleased to be making this significant investment at Gary Works, which will improve the facility’s environmental performance, bolster our competitiveness and benefit the local community for years to come," said David B. Burritt, president and CEO of U.S. Steel. "Through the skill and determination of our employees, support from the state and city, without which this project would not be possible, and favorable trade policies with the strong Section 232 national security action on steel imports, we are experiencing a renaissance at U.S. Steel."

Located on the south shore of Lake Michigan, Gary Works is U.S. Steel’s largest manufacturing plant and the largest integrated steel mill in North America. It has been in operation in northwest Indiana since 1908 and provides more than 3,800 full-time jobs. Comprised of both steelmaking and finishing facilities, Gary Works manufactures sheet products, strip mill plate in coils and tin products. The facility has an annual raw steelmaking capability of 7.5 million net tons.

Subject to the approval of its board of directors, the Indiana Economic Development Corporation (IEDC) will offer U.S. Steel up to $10 million in conditional tax credits over a 10-year period based on the company’s commitment to retain 3,875 Indiana jobs. The IEDC will also offer up to $2 million in Skills Enhancement Fund (SEF) training grants to support workforce development and training for Gary Works employees.

Additionally, the city of Gary will offer tax increment financing valued at approximately $35 million over 25 years based on a $750 million investment that will be ameliorated through a development agreement in partnership with U.S. Steel to allow the city, the Gary Community School Corporation, the Gary Public Library and U.S. Steel to share the benefit of the company’s investment.

For more information, visit www.ussteel.com.

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