Steel Mills
US Steel Partners with Shell and Equinor on Clean Energy Hub
Written by Becca Moczygemba
August 16, 2022
US Steel is going green. The Pittsburgh-based company has formed a non-exclusive alliance with Equinor US Holdings Inc. and Shell US Gas and Power LLC to establish a clean energy hub in the Ohio, Pennsylvania, and West Virginia tri-state area.
Infrastructure projects associated with this development will generate new jobs, encourage economic growth, and contribute to a decrease in carbon emissions. Steel Market Update previously covered the initial rumblings of this venture in June of 2021.
As part of the agreement, Equinor and Shell will file a joint application for funding from the US Department of Energy. US Steel is assessing its role in the venture and is considering contributing to funding, being a customer, supplier, or partner.
“US Steel is investing significant resources to achieve the sustainability goals in our Best for All® strategy, and we know we cannot do it all alone. Successfully addressing the climate crisis requires public and private collaborations,” said Richard L. Fruehauf, US Steel’s chief strategy & sustainability officer. “We cannot —and will not—stand still, and this agreement is another effort to advance profitable, sustainable steel solutions for people and the planet.”
The regional carbon capture, utilization and storage (CCUS) and hydrogen hub aligns with the US’ intentions to accomplish net-zero carbon emissions by 2050. US Steel intends to engage the public and private sectors for further development of the hub.
Have some news or just want to chat? Email me!
By Becca Moczygemba, Becca@SteelMarketUpdate.com
Becca Moczygemba
Read more from Becca MoczygembaLatest in Steel Mills
SDI presses on with steel, aluminum investments
Steel Dynamics Inc. remains optimistic about its prospects as it ramps up flat-rolled steel operations and prepares for the production of aluminum products next year. Executives from the Fort Wayne, Ind.-based steelmaker provided an update on the company’s operations on a conference call on Thursday held to discuss SDI’s third-quarter earnings results.
CMC earnings slide, but still near top mark
CMC Fourth quarter ended Aug. 31 2024 2023 Change Net sales $1,996.1 $2,209.2 -9.6% Net income (loss) $103.9 $184.2 -43.6% Per diluted share $0.90 $1.56 -42.3% Full year ended Aug. 31 Net sales $7,925.9 $8,799.5 -9.9% Net income (loss) $485.5 $859.7 -43.5% Per diluted share $4.14 $7.25 -42.9% (in millions of dollars except per share) […]
SDI posts lower Q3 profit, sees better times in ’25
Steel Dynamics Inc. (SDI) reported a drop in third-quarter profits driven largely by lower flat-rolled steel prices. The Fort Wayne, Ind.-based electric arc furnace (EAF) steelmaker also saw scrap prices slip. That happened because of softer demand from domestic mills taking planned maintenance outages.
Cliffs hosts fireside chat on industry, union, government collaboration
Cleveland-Cliffs’s Chairman, President, and CEO Lourenco Goncalves hosted a fireside chat with US Trade Representative Katherine Tai and Acting Secretary of Labor Julie Su on Friday at the company’s plate mill in Coatesville, Pa.
Nippon agrees to sell Calvert stake, if USS deal closes
ArcelorMittal is set to take full ownership of AM/NS Calvert if Nippon Steel finalizes its pending acquisition of U.S. Steel.