US Steel to invest $750 million to upgrade Gary Works plant in Indiana

GARY

Aug 19, 2018-

US Steel plans to spend at least $750 million to upgrade a century-old steel mill along northwestern Indiana’s Lake Michigan shoreline. Company and government officials said on Thursday that the project will help preserve Gary Works’ nearly 3,900 steelworker jobs and could help ensure the 112-year-old mill lasts another century. “We so appreciate this investment,” said Indiana Gov. Eric Holcomb. “We’re going to stay laser-focused and make sure that days like today pay off well ... into the future, not just in Lake County, not just for the region but for the state of Indiana as a whole.” The investment accounts for more than a third of US Steel’s $2 billion companywide asset revitalisation programme. The company was previously criticised for not spending enough on equipment at mills such as Gary Works during the steel industry’s recent downturn. The lack of funding crippled the company’s production when the industry began rebounding, causing US Steel to lose money. The new investment at Gary Works will allow US Steel to become more competitive by upgrading technology and giving workers new tools, said CEO David Burritt. “US Steel has recently faced several very challenging years, with waves of unfair trade battering our company and the American industry,” Burritt said. “It took its toll on our employees and limited our engagement in the local community.” Indiana is

rewarding the company for its investment by giving up to $12 million in incentives, including tax breaks and worker training grants. (AP)

Published: 19-08-2018 07:51

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