United States Steel Corp. (U.S. Steel) recently completed its acquisition of the remaining equity of Big River Steel in northeast Arkansas for approximately $774 million.
The U.S. Department of Justice must give its antitrust approval, and the deal is pending customary closing conditions.
Big River Steel’s LEED-certified Flex Mill produces 3.3 million tons of hot-rolled steel annually, making it one of the largest electric arc furnace-oriented flat-rolled mills in North America. The mill produces 14 advanced U.S. Steel grades and will add to U.S. Steel’s product development capabilities and intellectual property.
On Jan. 29, U.S. Steel’s management team will provide more details about the purchase at its fourth-quarter 2020 earnings conference call.
“We are creating the first ‘Best of Both’ integrated and mini mill steel company. Taking a page from the Big River Steel playbook, we are closing on this world competitive green steel asset purchase under budget and ahead of schedule,” David Burritt, U.S. Steel president and CEO, said. “Our customers now have access to a truly sustainable source of the most advanced high strength steels. Our customer-centric organization will provide customers, employees, communities, and investors with the world competitive advantages from the most advanced process technology and the intellectual capital necessary to produce the most advanced products.”