Steel Mills
April 30, 2021
U.S. Steel Cancels Mon Valley Project in Surprise Move
Written by Sandy Williams
In a surprise announcement, U.S. Steel said it is canceling the endless casting and cogeneration project at Mon Valley Works. The company has already spent $170 million on the $1.3 billion project. “This is not the end of Mon Valley,” President and CEO David Burritt emphasized during the first quarter earnings call on Friday. The facility will continue to serve the appliance and construction markets. Equipment in storage will be evaluated for reallocation elsewhere.
“The events of the last year gave us the opportunity to reevaluate our capital allocation priorities,” said Burritt. “Based on today’s ‘Best of Both’ footprint and the global call to action of the emerging climate crisis, we know that this difficult decision is the right one for the business.”
