PITTSBURGH, Feb. 1 /PRNewswire-FirstCall/ -- United States Steel
Corporation (NYSE: X) announced today that it is developing a capital
investment program in excess of $300 million for its Minnesota Ore
Operations' Keetac facility in Keewatin, Minn. The program would increase
production, enhance overall environmental performance, support the
long-term viability of its Minnesota Ore Operations, and create 75
full-time and 500 temporary construction jobs. The program would take an
estimated 36 months after the permitting process to complete and would
modernize and improve a pellet production line that has been idle since
1980.
The restart would involve energy-efficient technologies in addition to
new emission controls to exceed current environmental standards. The
expansion would increase Keetac's iron pellet production output by 3.6
million tons to a total annual output of 9.6 million tons. Upgrades to the
mining, concentrating and agglomerating processes would support the
increased production requirements. The program includes the purchase of
additional mining equipment and the installation of additional processing
equipment.
U. S. Steel, working with agencies and the appropriate stakeholders,
expects to file for environmental permits later this year.
"U. S. Steel's Minnesota Ore Operations have been providing
iron-bearing pellets to our operations in the United States and Europe for
many years. In 2007, we expanded our steelmaking operations into Canada,
creating an opportunity to increase our production at Keetac in order to
provide the same high-quality product to our Canadian operations," said U.
S. Steel Chairman and CEO John Surma. "We look forward to working
cooperatively with Gov. Tim Pawlenty, the federal, state and local elected
officials representing the Iron Range, the United Steelworkers, the
Building Trades in Minnesota, and other stakeholders involved in this
important project."
Keetac produces six million tons of pellets annually. Minnesota Ore
Operations is Minnesota's largest producer of iron ore pellets, the key
ingredient used to make steel.
This release contains forward-looking statements concerning the restart
of the existing line. The timing, cost and ultimate capability of the
facilities are subject to, among others, the receipt of necessary
government permits, terms of construction contracts, availability of
necessary technology and materials, general economic conditions and the
financial condition of U. S. Steel. In accordance with "safe harbor"
provisions of the Private Securities Litigation Act of 1995, cautionary
statements identifying important factors, but not necessarily all factors,
that could cause actual results to differ materially from those set forth
in the forward-looking statements have been included in the Form 10-K of U.
S. Steel for the year ended Dec. 31, 2006, and in subsequent filings for U.
S. Steel.
For more information about U. S. Steel, visit http://www.ussteel.com.
SOURCE United States Steel Corporation
 back to top
Related links:
http://www.ussteel.com
http://www.prnewswire.com/comp/929150.html/
CONTACT:
Courtney Boone, +1-412-433-6791, or Erin
DiPietro, +1-412-433-6845, or John Armstrong, +1-412-433-6792,
all of United States Steel Corporation
|
