SEATTLE (Scrap Monster): Pittsburgh-based U.S. Steel announced investment of at least $750 million at its flagship Gary Works integrated steel mill along the Lake Michigan shoreline. The investment will bring about significant upgrades to increase mill efficiency and position the facility for long-term success in the region. The proposed investment is part of the earlier announced $2 billion asset revitalization plan to be implemented over a period of five years. The latest project is not expected to create additional jobs, but will help in securing more than 3,800 full-time jobs.
The company press release stated that the investment will include addition of new production machinery and capabilities, aimed at modernizing the Gary Works steelmaking and finishing capabilities.
The Indiana Economic Development Corporation (IEDC) has already offered U.S. Steel, a conditional tax credit of up to $10 million over a 10-year period in return for the company’s commitment to retain jobs. This offer is subject to review of the State Budget Committee and final approval by the IEDC Board of Directors. In addition, the IEDC will also offer up to $2 million in Skills Enhancement Fund (SEF) training grants. Also, the City of Gary has offered tax increment financing valued at approximately $35 million over 25 years.
U.S. Steel CEO David Burritt said that the favorable trade policies introduced by the Trump administration have clearly played a decisive role in the decision making about this major investment. The domestic steel sector in the country is currently experiencing a renaissance, he noted. Burritt added that the investment will improve the Gary Works’ environmental performance and generate benefits for the local community for many more years to come. He also thanked the state and city for their strong support.
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