Article

2018-08-20 Economy

U.S. Steel to Invest $750M at Indiana Plant Thanks to Trump Tariffs: ‘We Are Experiencing a Renaissance'

[Breitbart] U.S. Steel has announced that they will invest $750 million at their 110-year-old steel manufacturing plant known as Gary Works in Gary, Indiana, crediting President Trump’s protective tariffs on steel imports.

What was once the largest steel mill in the world will now get a $750 million facelift thanks to Trump’s 25 percent tariff on all imported steel into the United States, designed to protect American industries and jobs from being outsourced.

In a statement this week, U.S. Steel executives said they would be revitalizing the Indiana plant which employs about 3,800 American workers, the Chicago Tribune noted.

While U.S. Steel executives say they are not yet planning to increase the number of jobs at the Indiana plant, U.S. Steel Corp. President and CEO David Burritt said the company is "experiencing a renaissance" because of Trump’s tariffs.

"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," Burritt said in a statement.

"We are experiencing a renaissance at U.S. Steel," Burritt said.

Posted by Besoeker 2018-08-20 00:00|| || Front Page|| [7 views ] Top

#1 Keep it relatively small & responsive to market conditions like Nucor used to do back in the day, and it'll be a good investment. Too bad about the city they're doing this in - I've never heard a good thing about the place, until now.

Posted by Raj 2018-08-20 00:26|| 2018-08-20 00:26|| Front Page Top

#2 US Steel has over $2B in long term debt.

I'm guessing the new $750M is going to be invested over a 4 or 5 year period to avoid having to go to big into the credit market.

Posted by lord garth 2018-08-20 00:30|| 2018-08-20 00:30|| Front Page Top

#3 Didn't US Steel (USX ?) decide in the 1960's that it was too expensive to modernize their old steel plants so they just let them "...rust away" while diversifying like crazy with all the profits?

So Foreign Commodity Dumping is only part of the picture...

Posted by magpie 2018-08-20 01:46|| 2018-08-20 01:46|| Front Page Top

#4 magpie

US Steel has a long and, as you imply, not completely glorious history.

However the USX period was from 1986 to 2001. During this time it was removed from the DJ 30 index.

with respect to major diversification, US Steel bought Marathon Oil in 1982 (as oil prices were crashing) and spun it off as an independent company in 2001.

with respect to employment, the company peaked in WWII when it had over 300,000 employees but the company has been steadily reducing that and today has about 30,000 employees, including quite a few overseas where the company has interests in eastern Europe, Canada and S Korea.

Posted by lord garth 2018-08-20 09:57|| 2018-08-20 09:57|| Front Page Top

#5 Interesting bit of history at #4. I remember some very saddened Marathon folks in 1982.

Posted by Besoeker 2018-08-20 10:18|| 2018-08-20 10:18|| Front Page Top

#6 I've never heard a good thing about the place, until now.

Posted by Skidmark 2018-08-20 10:29|| 2018-08-20 10:29|| Front Page Top

#7 When I go out west I avoid Gary and Chicago by taking the Straits of Mackinac.

Posted by Anguper Hupomosing9418 2018-08-20 13:05|| 2018-08-20 13:05|| Front Page Top

#8 When I go out west I avoid Gary and Chicago by taking the Straits of Mackinac

Probably better roads, too.

Because they're so rough, I-90 & I-94 will mess with your alignment and 'eat your tires' in that part of the roadway system, AH.

Posted by Mullah Richard 2018-08-20 16:00|| 2018-08-20 16:00|| Front Page Top

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