WASHINGTON (dpa-AFX) - United States Steel Corporation (X) on Tuesday outlined its next era of growth through its partnership with Nippon Steel, which includes an $11 billion investment by 2028 and the creation of more than 100,000 jobs.
In this next chapter with Nippon Steel, U. S. Steel is advancing a multi-year growth plan that targets approximately $14 billion of U.S. growth capital, with $11 billion to be invested by the end of 2028.
According to U. S. Steel, the partnership has the potential to unlock about $3 billion in value, including around $2.5 billion in incremental run-rate EBITDA unlocked through capital investments and another approximately $500 million identified from operational efficiencies.
U. S. Steel's CEO Dave Burritt stated, 'Even just a few months into our partnership with Nippon Steel, we're making great progress. We have a robust pipeline of growth projects, ranging from the modernization of our Gary Works Hot Strip Mill to the new slag recycler at Mon Valley Works and the development of new product capabilities. These initiatives are already delivering real results. With world-class technology, extraordinary engineering capabilities, and the best steel industry employees in the world, we are on a great path to forging the future of steelmaking in America. I'm confident that our employees' grit, dedication and commitment, coupled with Nippon Steel's investments in our business, will position U. S. Steel for greatness. We are well on our way to building a stronger, more competitive company that benefits our employees, customers, and the communities we serve.'
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