All articles tagged with #steelmaking
MIT scientists have developed a new electric steelmaking process through their company, Boston Metal, which significantly reduces greenhouse gas emissions by using an electrochemical method that only releases oxygen as a byproduct. This scalable technique could revolutionize the steel industry and contribute to the fight against climate change, with commercial implementation expected by 2026.
Nucor CEO Leon Topalian attributes the company's recent profitability to its strategy of growing core steelmaking assets and expanding into adjacent businesses, as well as benefiting from government initiatives such as the infrastructure bill and semiconductor production incentives. Nucor's earnings over the past three years exceed those of the last 20, with the company's stock rising nearly 7% following the earnings report.
U.S. Steel has announced the idling of its Granite City Works plant, resulting in the permanent layoff of up to 1,000 workers. This includes 400 employees who have been on temporary layoff since October 1, with an additional 600 workers affected. The layoffs will leave only around 300 employees in non-steelmaking operations. The news is a significant blow to the Metro East community, which heavily relies on the plant for economic vitality. The company cited the need to match steel production with customer orders as the reason for the layoffs. The affected employees will have at least 60 days left on the job, and the exact number of job losses remains unclear.