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In 2019, U.S. Steel’s announcement of a $1.2 billion investment in its Mon Valley Works brought questions and excitement the good, anticipatory kind. Yes, there would be a new endless casting and rolling facility at the Edgar Thomson Works in Braddock and a cogeneration facility at the Clairton Plant, but there were still things people wanted to know.
When would the construction start? How long would it take? Would it impact the problems Clairton had seen with air quality? How much? What about jobs?
State Senate Majority Leader Kim Ward argues the Biden administration is partially to blame for the loss of the project, which she says will cost dozens of jobs.
Pennsylvania State Senate Majority Leader Kim Ward argued on Fox & Friends on Thursday that Scranton native Joe Biden and his administration are partially responsible for the cancelation of a $1.5 billion steel project, which would cost at least 1,000 blue collar jobs because of their focus on only green energy.
Late last month, Pittsburgh-based United States Steel Corp. said that it is canceling the project to bring a state-of-the-art improvement to its Mon Valley Works operations in western Pennsylvania, citing the fact that the landscape has changed in the two years since the company announced its intentions.
Democrats Blamed After U.S. Steel Cancels $1.5B Project in Pennsylvania
4 May 2021
Executives with the U.S. Steel Corp. announced days ago that they are canceling a $1.5 billion project in western Pennsylvania that was set to bring thousands of middle-class union jobs to the region, a move that many are now blaming on Democrats and environmental groups.
On April 30, U.S. Steel President David Burritt announced that a $1.5 billion project to majorly improve its Mon Valley Works operation with state-of-the-art steel casting, rolling technology, and a cogeneration plant is being canceled.
The project’s cancelation means that about 1,000 union construction jobs will be lost for the region. Likely thousands more U.S. jobs in supporting industries will be lost as a result.
U.S. Steel Jumps; Credit Suisse Double Upgrades on Sector Cycle
U.S. Steel was upgraded to overweight from underweight with a $35 price target by Credit Suisse analysts.
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U.S. Steel (
X) - Get Report shares are higher Tuesday after analysts at Credit Suisse double upgraded the stock to outperform from underperform with a Wall-Street-high price target of $35.
The investment firm is bullish on the current state of the steel sector, which is clearly a super cycle, according to analyst Curt Woodworth. The traditional relief valve of excess China steel production has been turned off owing to ex-China tariffs and more recently China efforts to limit excess production both domestically and in the seaborne market, Woodworth said, according to Bloomberg.
Pittsburgh US Steel is not moving forward with a planned investment at its Mon Valley Works and plans to permanently idle three batteries at its Clairton Coke Works as the company accelerates its efforts to reduce its carbon intensity, US Steel CEO David Burritt said April 30.
Not registered? Receive daily email alerts, subscriber notes & personalize your experience. Register Now With a clear vision for our future we have evaluated how we allocate capital through the lens of sustainability, value creation and lower capital and carbon intensity across the footprint, Buritt said during the company s first quarter conference call. When facts change, we must change; and as we step forward to meet the needs of a rapidly changing world, we must set aside the Mon Valley endless casting and rolling and cogeneration project.