The United States Steel Corporation, the Pittsburgh-headquartered integrated steel manufacturer, has reportedly announced to commence a significant upgrade at its Gary, Indiana-based production facility located along Lake Michigan. As per trusted sources, the upgrade is part of a 5-year asset revitalization investment for the firm.
Sources familiar with the development claim that the upgrade of the manufacturing plant comes in the backdrop of the recently imposed tariffs on imported steel by President Donald Trump to rejuvenate the nation’s steel industry that has been in decline for decades.
Speaking on the latest investment and upgradation plan, President and Chief Executive Officer of the United States Steel Corporation, David B. Burritt was reportedly quoted stating that the company is delighted to pour in a significant investment at the Gary Works facility to enhance competitiveness, improve the environmental performance of the plant, and provide benefits to the local community in the upcoming years.
Burritt indirectly accredited the investment to the policies mandated by Trump to revive American manufacturing, adding that the company is experiencing a renaissance of sorts currently.
Incidentally, a news release by the United States Steel Corporation claims that this investment is a part of the company’s planned USD 2 billion revitalization project which would assist the firm in upgrading its flagship plant in Gary and the installation of new highly advanced production machinery, equipment, and modernizing technology.
Comprising almost 33 percent of the U.S. steel market last year, steel imports have steadily increased over the past few years, cite trusted sources. As per the Alliance for American Manufacturing (AAM), a non-profit organization established by steel manufacturers and workers of the United States Steel Corp., dozens of steel factories have been closed and tens of thousands of American workers have faced layoffs due to imports since 2000. With the recent tariffs on imports, the nation’s steel market has started to witness some positive signs of growth, claim analysts.