Who bought Big River Steel?
(KAIT) – A little more than a year after announcing its intentions, United States Steel Corp. has acquired Big River Steel. The Pittsburgh-based company announced in a news release it closed acquisition of the remaining equity for approximately $764 million from cash on hand.
Who built Big River Steel?
“Five years ago we started Big River Steel with five employees with BIG ideas and today we are partnering with a company started by Andrew Carnegie 118 years ago,” said David Stickler, chief executive officer of Big River Steel.
What does Big River Steel do?
Big River Steel offers high-quality products and services to discerning customers in the automotive, energy, construction, and agricultural industries.
Who owns U.S. Steel now?
As of 2018, the company was the world’s 38th-largest steel producer and the second-largest in the US, trailing only Nucor Corporation….U.S. Steel.
| Type | Public |
|---|---|
| Total assets | US$12.059 billion (2020) |
| Total equity | US$3.786 billion (2020) |
| Number of employees | 23,350 (2020) |
| Website | USSteel.com |
Why did U.S. Steel buy Big River Steel?
The companies anticipate that, together, Big River Steel will also enable U.S. Steel to cut down on greenhouse gas emissions using its own sustainable steelmaking technology. Burritt also noted that the deal would enable U.S. Steel better access to competitive steel markets in the southern U.S. and Northern Mexico.
When was Big River Steel built?
2014
Big River Steel is the newest and most technologically advanced scrap recycling production facility in the world. We began construction in July of 2014 and our first lines went operational 19 months after groundbreaking. World record time for the startup of certain steel mill lines!
How much did it cost to build Big River Steel?
The total cost for the purchase of Big River will be nearly $1.5 billion. Big River’s plant in Mississippi County is “North America’s most advanced flat-rolled mini mill,” U.S. Steel said in the announcement.
Is Big River Steel a union shop?
The Pittsburgh-based company has a unionized workforce and reputation for a bulky management structure, whereas Big River isn’t unionized and is regarded as having a nimble management team. Mr. Burritt said in an interview that Big River’s management team will remain in place.
How much is US Steel debt?
U. S. Steel’s pro-forma debt outstanding debt at the time of BRS acquisition in January 2021 was approximately $7 billion.
Who owns US steel now?
When did US Steel buy Big River Steel?
U.S. Steel bought a 49.9% ownership interest in BRS in November 2019 for a reported $700 million in cash. “For months, I’ve said that we can’t get to the future fast enough. Today, I can say the future is now. We are acquiring Big River Steel, the cornerstone of our ‘Best of Both’ strategy,” said David B.