United States Steel Corp. said it plans to add 1.6 million tons of steelmaking capacity next year by resuming the construction of a new furnace in Alabama as tariffs on foreign metal raise profits on domestic steel.
The furnace at U.S. Steel ’s X 1.87% mill near Birmingham is the company’s second major expansion since U.S. tariffs on imported steel last March raised steel prices and reduced the flow of foreign steel into the U.S. The Pittsburgh-based company restarted a pair of blast furnaces last year at its mill near St. Louis that have a combined capacity to make 2.8 million tons of steel annually.
Nucor Corp. , Steel Dynamics Inc. and other domestic steelmakers also have rolled out plans to build or restart mills that would add more than 10 million tons of steelmaking capacity in the U.S. over the next three years.
The Wall Street Journal