U.S. Steel last year generated nearly $2 billion in total economic impact for Indiana and supported more than 8,400 jobs statewide, according to a first-of-its-kind economic impact report for the steel manufacturer.
The analysis, conducted by Philadelphia-based consultant Parker Strategy Group, benchmarks the company’s economic contributions to the state in fiscal year 2024 across a host of measures, including jobs created, tax revenues and community contributions.
“Gary Works has been a cornerstone of American steelmaking since 1908, and today it continues to power the state’s economy while supporting thousands of good-paying jobs,” CEO David Burritt said in a news release announcing the analysis. “This report reflects not only our $1.8 billion impact on Indiana, but also our commitment to building a sustainable future for steel, for our communities, and for generations of Hoosiers.”
Among the report’s highlights:
- $1.8 billion in total economic impact.
- 8,402 total jobs supported and sustained statewide, including 4,341 direct employees.
- $245.6 million in total tax revenues generated, including $67.4 million for state and local governments.
- 401 Indiana-based suppliers engaged.
- $2.7 million in community impact, including corporate giving, employee donations and more than 61,000 volunteer hours.
The economic impact report comes about a month after the company’s board of directors approved of $200 million in improvements to U.S. Steel’s Gary Works facility. The upgrades are part of $3.1 billion in investments planned for the steel plant by Japan-based Nippon Steel, which acquired the Pittsburgh-based steelmaker earlier this year.
The acquisition was completed more than a year after it was first proposed in an atypical deal that provides the U.S. government a “golden share” and a degree of oversight of U.S. operations.
Nippon Steel said it would invest $11 billion in U.S. Steel plants nationwide by 2028.