KEEWATIN, Minn., October 05, 2022--(BUSINESS WIRE)--United States Steel Corporation (NYSE: X) ("U. S. Steel") leadership and employees were joined by Minnesota Governor Tim Walz, other elected officials, and key partners to celebrate the Company’s investment in direct reduced (DR)-grade pellet capabilities at its Minnesota Ore Operations Keetac plant today. The investment marks a step forward in U. S. Steel’s metallics strategy by supplying the increasingly tight DR-grade pellet market and provides the company with the flexibility to feed a potential future direct reduced iron (DRI) or hot briquetted iron (HBI) facility. DRI and HBI are important electric arc furnace metallics inputs.
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U. S. Steel President and CEO David B. Burritt addressing the crowd at DR-grade pellet investment celebration at Keetac. (Photo: Business Wire)
Minnesota Governor Tim Walz joined the celebration along with U. S. Steel President and CEO David B. Burritt and Senior Vice President and Chief Manufacturing Officer Scott Buckiso to discuss U. S. Steel’s commitment to produce products that are mined, melted and made in America. The $150 million investment expands on the Company’s existing competitive advantage in low-cost iron ore.
"Our investment at Keetac is a commitment to the future of American steel," said U. S. Steel President and CEO David B. Burritt. "As we look forward to celebrating National Manufacturing Day on Friday, I want to recognize the exceptional team working on this project and our employees for their dedication. When we do well, so do our employees and the communities where we live and work; the Iron Range remains a critical part of our future."
The Company broke ground on the facility in the third quarter of 2022, and the facility is expected to be operational in late 2023 with first pellets produced in 2024.
"I’m proud to celebrate U. S. Steel’s major investment in the Northland," said Governor Walz. "Minnesota’s steel industry is a critical part of our history, culture, and thriving economy – and a critical job creator on the Iron Range. I look forward to the growth this investment will bring to both our regional and statewide economies."
In addition to producing DR-grade pellets to ultimately feed EAFs, the production facility will maintain flexibility to continue producing blast furnace grade pellets. Upon completion, the Company could also sell the new pellets to third-party DRI or HBI producers. The DR-grade pellets produced will be a new product line for U. S. Steel.
"Ensuring domestic production helps Minnesota and protects us against global supply chain challenges and geopolitical uncertainty," said Doug Loon, President and CEO of the Minnesota Chamber of Commerce. "This project helps secure a bright future for mining in Minnesota."
For more information about the project and today’s event click here.
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This release contains information that may constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. We intend the forward-looking statements to be covered by the safe harbor provisions for forward-looking statements in those sections. Generally, we have identified such forward-looking statements by using the words "believe," "expect," "intend," "estimate," "anticipate," "project," "target," "forecast," "aim," "should," "will," "may" and similar expressions or by using future dates in connection with any discussion of, among other things, the construction or operation of new or existing facilities, trends, events or developments that we expect or anticipate will occur in the future, changes in global supply and demand conditions and prices for our products and statements regarding our future strategies and statements expressing general views about future operating results. However, the absence of these words or similar expressions does not mean that a statement is not forward-looking. Forward-looking statements are not historical facts, but instead represent only the Company’s beliefs regarding future events, many of which, by their nature, are inherently uncertain and outside of the Company’s control. It is possible that the Company’s actual results may differ, possibly materially, from the anticipated results indicated in these forward-looking statements. Management believes that these forward-looking statements are reasonable as of the time made. However, caution should be taken not to place undue reliance on any such forward-looking statements because such statements speak only as of the date when made. Our Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. In addition, forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from our Company's historical experience and our present expectations or projections. These risks and uncertainties include, but are not limited to, the risks and uncertainties described on this webpage and in "Item 1A. Risk Factors" in our Annual Report on Form 10-K and those described from time to time in our reports filed with the Securities and Exchange Commission.
Founded in 1901, United States Steel Corporation is a leading steel producer. With an unwavering focus on safety, the Company’s customer-centric Best for All® strategy is advancing a more secure, sustainable future for U. S. Steel and its stakeholders. With a renewed emphasis on innovation, U. S. Steel serves the automotive, construction, appliance, energy, containers, and packaging industries with high value-added steel products such as U. S. Steel’s proprietary XG3™ advanced high-strength steel. The Company also maintains competitively advantaged iron ore production and has an annual raw steelmaking capability of 22.4 million net tons. U. S. Steel is headquartered in Pittsburgh, Pennsylvania, with world-class operations across the United States and in Central Europe. For more information, please visit www.ussteel.com.
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