U.S. Steel (NYSE:X) said Monday it will spend ~$60M to build a pig iron caster at its Gary Works steel mill in Indiana to supplant imports to its scrap-based mill in Arkansas, Argus reports.
U.S. Steel said the caster will produce up to 500K st/year of pig iron and be able to supply nearly half of the ore-based metallics required for the company’s 3.3M st/year electric arc furnace at the Big River Steel mill in Arkansas; construction is expected to begin in H1 2022 and completed in next year’s H1.
The company is also building a new 3M st/year EAF flat-rolled steel mill next to the Big River Steel facility, which will go online in 2024.
The American steel industry is faced with potential pig iron shortages after Russia invaded Ukraine, stifling exports from both countries.
U.S. Steel tops Seeking Alpha’s list of the three best steel stocks to buy in 2022.