U.S. Steel Eyes New Pig Iron Plant at Gary, New Coating Line at Big River

With record third-quarter earnings of $2 billion in the bank, U.S. Steel President and CEO David Burritt offered a bullish outlook for the steel industry and his company in 2022. Highlights of the company’s earnings call on Friday included an update on the steelmaker’s progress in finding a site for its new electric arc furnace mill, its plans for electrical steel and coating lines at Big River Steel, and its strategy for a partnership to begin producing pig iron.

“Our strong performance year-to-date, continued bullish outlook for 2022 and beyond, and expectations for the super-cycle continuing, put us in a position to move faster on the next phase of our strategy execution,” Burritt told analysts and investors. “Whether you’re looking only at next year or our ability to build long-term value, we believe investors are undervaluing our progress and potential. But not our customers. They are noticing the transformation that’s taking place at U.S. Steel. … Whether it is advanced high-strength steels, differentiated electrical steels, or green and sustainable steels, discussions with customers continue to shift from transactional to strategic.”