U.S. Steel to Invest Millions More Into Gary Works

Posted: Updated:
(photo courtesy of our partners at The Times of Northwest Indiana) (photo courtesy of our partners at The Times of Northwest Indiana)
GARY -

U.S. Steel Corp. (NYSE: X) has detailed plans for $35 million in additional investment to its Gary Works operation. The Pennsylvania-based company recently completed the $23 million first phase of its Hot Strip Mill Restoration Plan at the massive Lake County operation. The latest round of investment was announced Wednesday during its quarterly earnings report presentation and is part of a planned revitalization effort through 2020 totaling around $1.2 billion.

U.S. Steel says the investments in its Gary, Great Lakes Works and Mon Valley Works operations could boost production capabilities from one million tons a year to 10 million tons a year when complete.

The largest new project at Gary Works is valued at approximately $26 million and is focused on reliability improvements to its #6 blast furnace. The next-largest is $6 million and it involves the Casters A Line Turret Bearing at Gary Works. The company is planning to spend $2 million on work to improve efficiency and reduce natural gas usage by its hot strip mill furnace burners and $1 million on a project to boost reliability of its 84-inch Pickle Waste Liquor Line.

All four projects are expected to be complete by year's end.

U.S. Steel announced a big turnaround in the second quarter. It is reporting a profit of $261 million, compared to a net loss of $46 million during the same period last year and a net loss of $180 million in the first quarter of this year.

  • Perspectives

    • Circling Back on WeWork

      Back in July when we first discussed WeWork, this fast-growing but money-losing venture was one of the most talked-about IPOs in years. At that time, we noted that it was too early to say what would happen, but “it should be very interesting to watch it all play out.” Turns out, that was a massive understatement!

    More

Subscribe

Name:
Company Name:
Email:
Confirm Email:
HTML
INside Edge
Morning Briefing
BigWigs & New Gigs
Life Sciences Indiana
Indiana Connections
INPower
Subscribe
Unsubscribe

Events



  • Most Popular Stories

    • (IIB Photo/Alex Brown)

      India Wants to Partner with Indiana on Sports

      Indiana Secretary of Commerce Jim Schellinger says a recent trade trip to India included a rare meeting that produced some interesting results.  Schellinger and Governor Eric Holcomb were granted an audience with Indian Prime Minister Narendra Modi.  “We were taken aback at how well he knew Indiana,” said Schellinger. “He knew our (economic) background, our educational background, our history of sports statewide,” said Schellinger, who added...

    • (Image courtesy of Indiana State University)

      ISU 'Dreams' of Major Sports Facilities Improvement

      When Indiana State University developed a master plan for its campus, it didn’t include sports and athletic facilities. That’s about to change.  The university this week revealed a major plan for their sports facilities, according to a report from The Tribune Star of Terre Haute. 

    • Circling Back on WeWork

      Back in July when we first discussed WeWork, this fast-growing but money-losing venture was one of the most talked-about IPOs in years. At that time, we noted that it was too early to say what would happen, but “it should be very interesting to watch it all play out.” Turns out, that was a massive understatement!

    • (Image Courtesy: Purdue Agricultural Communication)

      Slow Harvest in Indiana, Mixed Yield Estimates

      As fall harvest rolls along across the Corn Belt, the U.S. Department of Agriculture has updated its predictions of the size of the nation’s corn and soybean crops. In Indiana, the data shows the state’s corn yield has improved, while soybeans dropped over the past month. 

    • Lauren Petersen and Johna Norton

      United Way Names New Board Members

      United Way of Central Indiana has elected Lauren Petersen (pictured) and Johna Norton (pictured) its newest board members. Petersen currently serves as TechPoint’s senior director of relationship management. She graduated summa cum laude from Ball State University in 2011 where she earned a bachelor’s degree in urban planning and development. Norton serves senior vice president, Global Quality for Eli Lilly and Co.