This morning in metals news: U.S. Steel today announced it will acquire the remaining equity of Big River Steel for $774 million; meanwhile, the U.S. steel sector’s capacity utilization rate for the week ended Dec. 5 reached 71.4%; and, finally, the Aluminum Association recently penned a letter to Secretary of Commerce Wilbur Ross criticizing the Section 232 aluminum exclusion process.
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U.S. Steel to acquire remaining equity of Big River Steel
U.S. Steel announced today it will acquire the remaining equity in Big River Steel for $774 million.
“For months, I’ve said that we can’t get to the future fast enough. Today, I can say the future is now. We are acquiring Big River Steel, the cornerstone of our ‘Best of Both’ strategy,” U.S. Steel President and CEO David B. Burritt said in a release. “With Big River Steel, we can offer customers the high performance, innovative steel products they expect from U. S. Steel’s scientists and application engineers made through a state-of-the-art, environmentally sustainable and efficient mini mill process.”
Steel capacity utilization reaches 71.4%
Meanwhile, the U.S. steel sector posted a capacity utilization rate of 71.4% during the week ended Dec. 5, the American Iron and Steel Institute (AISI) reported.