Republic Steel Accomplishes $12 Million Investment at U.S. Facilities

SEATTLE (Scrap Monster): Republic Steel- North America’s leading supplier of Special Bar Quality (SBQ) steel bars announced that the company has invested nearly $12 million in its various U.S. plants over the past eighteen months. The investments were meant to equip the plants, in order to make them capable to meet surging market demand, thanks to pro-market policies adopted by the Trump administration.

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According to press release issued by Republic Steel, the domestic steel industry in the U.S. has responded positively to the recent decision to impose 25% tariffs on steel products imported into the country. The tariffs have created additional steel demand. The company has significantly ramped up its operations, in response to anticipated demand growth for domestic steel products due to steel tariffs.

Earlier in March this year, Republic Steel had disclosed plans to restart the idled furnace operations at its Lorain facility, which was idled in 2016 owing to unfavorable market conditions. The company’s decision to restart the facility, including the electric arc furnace, casters and rolling mills, is expected to bring back nearly 1,000 workers back to the facility. The restart of the rolling mill is scheduled in September this year, for which the company will hire approximately 80 people.

The company had recently invested nearly $6 million at its melt shop in Canton facility, which in turn is expected to almost double the average production capacity. It has already hired 25 new employees so far this year. Additionally recruitment for another 50 positions is in progress. The Republic Steel Lackawanna, N.Y. facility has hired 50 employees so far in 2018 and is recruiting additional 30 employees. It had invested $3 million at the plant’s rolling mill, to step up the average monthly output from 40,000 tons to 60,000 tons.