2022-10-05 | NYSE:X | Press release

Management and employees of United States Steel Corporation (NYSE: X) (“US Steel”) were joined by Minnesota Governor Tim Walz, other elected officials and key partners to celebrate the company’s investment in direct reduction (DR) grade pellet capabilities at its Minnesota Ore Operations Keetac plant today. The investment marks a step forward in US Steel’s metals strategy by supplying the increasingly tight market for DR-grade pellets and provides the company with the flexibility to supply a potential future reduced iron facility direct (DRI) or hot briquetted iron (HBI). DRI and HBI are important metal inputs for electric arc furnaces.

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Minnesota Governor Tim Walz joined the celebration with US Steel President and CEO David B. Burritt and Senior Vice President and Chief Manufacturing Officer Scott Buckiso to discuss US Steel’s commitment to making products mined, smelted and made in America. The $150 million investment strengthens the company’s existing competitive advantage in low-cost iron ore.

“Our investment in Keetac is a commitment to the future of American steel,” said US Steel President and CEO David B. Burritt. “As we look forward to celebrating National Manufacturing Day on Friday, I want to thank the exceptional team working on this project and our employees for their dedication. When we succeed, so do our employees and the communities in which we live and work. the iron chain remains an essential part of our future.”

The Company inaugurated the facility in the third quarter of 2022, and the facility is expected to be operational by the end of 2023 with the first pellets produced in 2024.

“I’m proud to celebrate US Steel’s major investment in Northland,” said Governor Walz. essential job on the iron chain. I look forward to the growth this investment will bring to our regional and national economies.”

In addition to producing DR grade pellets to ultimately feed the EAFs, the production facility will retain the flexibility to continue producing blast furnace grade pellets. Once completed, the Company may also sell the new pellets to third-party DRI or HBI producers. The DR grade pellets produced will be a new product line for US Steel.

“Ensuring domestic production helps Minnesota and protects us from global supply chain challenges and geopolitical uncertainty,” said Doug Loon, president and CEO of the Minnesota Chamber of Commerce. “This project helps ensure a bright future for mining in Minnesota.”

For more information about the project and today’s event, click here.

Caution 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. intention that forward-looking statements are covered by the forward-looking statement disclaimer provisions of these sections. Generally, we have identified such forward-looking statements by using the words “believe,” “expect,” “intent,” “estimate, “anticipate,” “project,” “target,” “forecast,” “goal,” “should,” “will,” “may” and similar expressions or using future dates in connection with any discussion of, among other things, the construction or operation of new or existing facilities, trends, events or developments that we anticipate or expect to occur in the future, changes in global supply and demand conditions and the p prices of our products and statements regarding our future strategies and statements expressing general opinions 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 represent only the company’s beliefs regarding future events, many of which, by their nature, are inherently uncertain and beyond the company’s control. It is possible that the Company’s actual results will differ, perhaps materially, from the anticipated results set forth in these forward-looking statements. Management believes these forward-looking statements to be reasonable at the time they are made. However, care should be taken not to place undue reliance on such forward-looking statements, as such statements speak only as of the date on which they are 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 current expectations or projections. These risks and uncertainties include, but are not limited to, the risks and uncertainties described on this webpage and in “Item 1A. Risk Factors” in our annual report on Form 10-K and those described from time to time in our reports filed with the Securities and Exchange Commission.

Founded in 1901, United States Steel Corporation is a leading steel producer. With an unwavering focus on safety, the Best for All, customer-centric company® strategy advances a more secure and sustainable future for US Steel and its stakeholders. With a renewed focus on innovation, US Steel serves the automotive, construction, appliance, energy, container and packaging industries with high value-added steel products such than US Steel’s proprietary XG3™ advanced high-strength steel. The Company also maintains competitively advantageous iron ore production and has an annual crude steel production capacity of 22.4 million net tons. US 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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