New product for the growing American electric vehicle market
United States Steel Corporation (NYSE: X) today announced that its new electrical steel product, InduX™, will begin production at its Big River Steel facility in the summer of 2023 with the commissioning of its new non-grain oriented (NGO) electrical steel line.
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U. S. Steel introduces InduX™ electrical steel for the growing American electric vehicle market.
InduX™ electrical steel is a very wide, ultra-thin, and light-weight steel, having all the magnetic properties necessary for electric vehicles (EV), as well as generators and transformers. In an EV, the better the magnetic properties, the better the motor efficiency, and the more mileage a vehicle can achieve. By producing InduX™ steel in the United States, U. S. Steel is making a significant investment in American jobs and bolstering the resilience of the country’s domestic supply chain.
InduX™ steel will be produced on the new NGO electrical steel line at Big River Steel in Osceola, Arkansas. NGO line construction is currently underway, and when fully operational, will produce up to 200,000 tons of InduX™ steel per year. Total expected capital expenditures for the NGO line of approximately $450 million is funded by cash generated from Big River Steel.
The product unveiling was made during the Corporate Climate Leadership panel at the Ceres Global conference in New York City. U. S. Steel Senior Vice President and Chief Strategy and Sustainability Officer, Richard L. Fruehauf, joined others who emphasized the need for partnerships in advancing decarbonization efforts.
“We know achieving our goal of net-zero GHG emissions by 2050 requires extraordinary action from everyone, and we are doing our part by collaborating to find new business approaches and to develop new technologies,” said Fruehauf. “Moreover, steel’s adaptability and near-infinite recyclability make it the ideal material to build safe, modern, and sustainable societies.”
U. S. Steel was the first North American headquartered steel company to announce a 2050 net-zero greenhouse gas (GHG) emissions goal (Scope 1 and Scope 2) and to join ResponsibleSteel™, but the benefits of its strategic initiatives go beyond the steel industry alone. “Our customers, including the EV manufacturers, have announced their own decarbonization goals,” said Kenneth E. Jaycox, U. S. Steel Senior Vice President and Chief Commercial Officer. “While we’re advancing on our sustainability goals, we’re also helping our customers meet theirs. That mutual benefit is inherent to our Best for All ® strategy.”
Additional detail on InduX™ electrical steel will be provided at www.ussteel.com in the coming weeks. More information on U. S. Steel’s greenhouse gas emissions reduction targets and environmental efforts can be found here.
U. S. Steel Cautionary Note Regarding Forward-Looking Statements
This release contains information that may constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. We intend the forward-looking statements to be covered by the safe harbor provisions for forward-looking statements in those sections. Generally, we have identified such forward-looking statements by using the words “believe,” “expect,” “intend,” “estimate,” “anticipate,” “project,” “target,” “forecast,” “aim,” “should,” “plan,” “goal,” “future,” “will,” "may" and similar expressions or by using future dates in connection with any discussion of, among other things, the construction or operation of new or existing facilities and operating capabilities, operating or financial performance, trends, events or developments that we expect or anticipate will occur in the future, statements relating to volume changes, shares of sales and earnings per shares changes, anticipated cost savings, potential capital and operational cash improvements, changes in the global economic environment, including supply and demand conditions, inflation, interest rates, supply chain disruptions and changes in the prices for our products, international trade duties and other aspects of international trade policy, statements regarding our future strategies, products and innovations, statements regarding our greenhouse gas emissions reduction goals, statements regarding existing or new regulations and statements expressing general views about future operating results. However, the absence of these words or similar expressions does not mean that a statement is not forward-looking. Forward-looking statements are not historical facts, but instead represent only the Company’s beliefs regarding future events, many of which, by their nature, are inherently uncertain and outside of the Company’s control. It is possible that the Company’s actual results and financial condition may differ, possibly materially, from the anticipated results and financial condition indicated in these forward-looking statements. Management believes that these forward-looking statements are reasonable as of the time made. However, caution should be taken not to place undue reliance on any such forward-looking statements because such statements speak only as of the date when made. Our Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. In addition, forward looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from our Company's historical experience and our present expectations or projections. These risks and uncertainties include, but are not limited to, the risks and uncertainties described in “Item 1A Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2022 and those described from time to time in our future reports filed with the Securities and Exchange Commission.
References to "U. S. Steel," "the Company," "we," "us," and "our" refer to United States Steel Corporation and its consolidated subsidiaries, and references to “Big River Steel” refer to Big River Steel Holdings LLC and its direct and indirect subsidiaries unless otherwise indicated by the context.
Founded in 1901, United States Steel Corporation is a leading steel producer. With an unwavering focus on safety, the Company’s customer-centric Best for All® strategy is advancing a more secure, sustainable future for U. S. Steel and its stakeholders. With a renewed emphasis on innovation, U. S. Steel serves the automotive, construction, appliance, energy, containers, and packaging industries with high value-added steel products such as U. S. Steel’s proprietary XG3® advanced high-strength steel. The Company also maintains competitively advantaged iron ore production and has an annual raw steelmaking capability of 22.4 million net tons. U. S. Steel is headquartered in Pittsburgh, Pennsylvania, with world-class operations across the United States and in Central Europe. For more information, please visit www.ussteel.com.
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