CLAIRTON, Pa. — Pittsburgh-based United States Steel Corp. (NYSE: X) has canceled its plans to upgrade the Mon Valley Works.
U.S. Steel announced nearly two years ago in May 2019 its plans for $1 billion in upgrades to the Mon Valley Works facilities, including a casting and rolling facility and cogeneration power plant. Since then, the company announced several capital spending delays on the project and in March 2020 delayed construction of the project, which by then had increased to a promised $1.5 billion, until further notice.
On the company’s earnings call Friday morning, U.S. Steel President and CEO David Burritt talked in depth about the company’s recent environmental sustainability goals and initiatives. He said to achieve its goal to become carbon neutral by 2050 it must make “difficult decisions.”