BlueScope Steel to Build New Steel Mill in the U.S.

SEATTLE (Scrap Monster): Australia-based steel manufacturer BlueScope Steel Ltd. announced plans to build a new electric arc furnace (EAF) steel mill in eastern U.S. The proposed steelmaking facility, the plans for which are at a very early stage, is aimed at diversifying its U.S. operations to take best advantage of the buoyant construction and housing market conditions.

The company plans to explore downstream opportunities by building a new steel painting and coating facility. The high bids by current mill operators for existing steelmaking assets have forced the company to build a new plant, said Mark Vasella, Chief Executive Officer, BlueScope.

The company operates North Star EAF mill in Ohio with a capacity of 2.3 million short tons per annum, where a $1 billion expansion is currently underway. The expansion works are expected to be completed by next year. BlueScope has been ramping up investments in the U.S. as well as Australia to ensure long-term growth of its business, by taking advantage of the steel price boom.

The new facility will further expand its capacity, thereby ensuring consistent profit stream for years to come.

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