U.S. Steel Unveiled New Economic Impact Analysis on Nippon Steel Investment

SEATTLE (Scrap Monster): A new economic impact report by the United States Steel Corporation (U.S. Steel) examines the potential economic benefits for Pennsylvania from the projected $1 billion investment in Mon Valley Works renovation. It was carried out by Parker Strategy Group.

The report divides the $1 billion overall investment into two categories: $400 million for equipment expenses and $600 million for construction. It is assumed that Pennsylvania would receive the $600 million allocated for construction.

Over the course of two years, the investment would produce an additional $952.9 million in economic benefit if 80% of the construction project is completed in Pennsylvania. Furthermore, this would generate about 4,864 employment. A 40% state-level spending would result in 2,432 new employment and a $476.4 million economic benefit.

The findings of the study suggests concentrated economic impact to Southwest Pennsylvania region and increased impacts if construction dollars are spent in Pennsylvania.

U.S. Steel President and CEO David B. Burritt stated that the agreement will secure the company's presence in Pennsylvania and have a good knock-on effect on the state's economy. Furthermore, he continued, it will have a significant generational and economic impact on the families and communities in the Mon Valley.

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