US Steel Drops Investment Plans at Mon Valley Works
Almost two years ago, US Steel had announced an investment in state-of-the-art steel casting and rolling technology and a cogeneration plant at the Mon
Almost two years ago, US Steel had announced an investment in state-of-the-art steel casting and rolling technology and a cogeneration plant at the Mon Valley Works. Now, US Steel announced that US Steel is setting aside this project as we step forward to meet the needs of a rapidly changing world. US Steel said “In this world we need to find aggressive decarbonization solutions. The project we had planned in 2019 would have decreased our carbon footprint, but we must now move farther and faster. Just as steel transformed the world, the world is now transforming steel.”
US Steel said “Over the past two years we have carried the ball down the field as far as possible without the issuance of the permits necessary to begin construction, which we applied for when we announced the project, ten months prior to the onset of COVID-19. We commissioned the manufacturing of the equipment and began site preparations. However, with over USD 170 million invested and equipment being stored in Pittsburgh-area warehouses, we’re still only at the beginning stages of project execution. By contrast, during this same time period, a competing steel manufacturer in another state announced a new steel mill and will be ready to make steel this year.”
It also said “A lot has changed in those two years. At the onset of the pandemic, US Steel agreed with the need for the County Health Department to temporarily delay its permitting process for the Mon Valley Works, but this delay allowed for a consequential window of time during which we expanded our understanding of steelmaking’s future in a rapidly decarbonizing world. The world is changing rapidly and we’re on the ten-yard line with 90 yards ahead of us.”
This month, US Steel announced goal to achieve zero carbon emissions by 2050.