US Steel CEO Comment Put Investment in MonValley Works in Question

Pittsburgh Post Gazette reported that US Steel CEO Mr David Burritt delivered some surprising comments about the plans to spend some USD 1.5 billion upgrading its
US Steel CEO Comment Put Investment in MonValley Works in Question
US SteelUS Steel

Mon Valley Works with a combined casting and rolling mill that the company could decide to cancel the project here and invest the money elsewhere. Mr Burritt told analysts "The key word in all of this is really the optionality. We can decide to put it in Mon Valley. We can decide to put it somewhere else. We have a lot of flexibility to decide where this goes."

The Mon Valley project was announced with great fanfare in May 2019. At the time, it was touted as ensuring the future of the steelmaker’s iconic Mon Valley operations, which include the Edgar Thomson Works in Braddock, Irvin Plant in West Mifflin and Clairton Coke Works that together employ about 3,000 people, by making it a central source of material for high-strength, lightweight, flexible steel that feeds the automotive sector. US Steel originally planned to break ground on the project this September, with start-up in the fourth quarter of 2022. The ground-breaking was delayed indefinitely earlier this year, in part because of lags in permitting caused by COVID-19.

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