Steel Markets
GM Investing $491 Million In Indiana Plant for EV Parts
Written by Becca Moczygemba
September 18, 2022
General Motors is sprucing things up. The Detroit-based automaker announced on Sept. 15 that it will invest $491 million into its Marion, Ind., metal stamping facility to prepare for the production of various steel and aluminum parts to be used in electric vehicles (EVs).
The expenditure will go towards two new press lines, complete press and die upgrades, facility renovations, and a 6,000-square-foot addition. Improvements are expected to commence late in 2022.
Gerald Johnson, executive vice president of global manufacturing and sustainability, expressed GM’s dedication to its people by reinvesting in the facilities they work in. “This investment is another example of the company bringing everyone along and investing in the people who make manufacturing a competitive advantage for GM,” he stated in a press release.
GM’s Marion Metal Center opened its doors in 1956 and currently employs more than 750 workers. The plant expects to maintain employment through the updating process.
“The new stamping presses, upgrades and renovations associated with the investment will create job security for our members and help them care for their families and support their local community for years to come,” remarked Ray Curry, UAW Local 977 president and director of the General Motors and Gaming departments.
Excitement also comes from Indiana Gov. Eric J.Holcomb. “It’s exactly because of investments like GM’s in advanced technology and future-focused solutions that will ensure Indiana will continue to be a leader in tomorrow’s manufacturing, making the products that power and redefine mobility the world over,” said Holcomb.
By Becca Moczygemba, Becca@SteelMarketUpdate.com
Becca Moczygemba
Read more from Becca MoczygembaLatest in Steel Markets
ArcelorMittal plans wire-drawing closure in Hamilton, shifts production to Montreal
ArcelorMittal’s (AM) Hamilton location to be shuttered, wire production shifting to Montreal.
Tariffs, ample domestic supply cause importers to shift or cancel HR import orders
Subdued demand is causing importers to cancel hot-rolled (HR) coil orders and renegotiate the terms of shipments currently enroute to the US, importers say. An executive for a large overseas mill said customers might find it difficult to justify making imports buys after US President Donald Trump doubled the 25% Section 232 tariff on imported steel […]
CRU Insight: A 50% S232 tariff will raise US steel prices and shift trade flows
This CRU Insight examines how the increase in Section 232 tariffs on steel to challenging levels will lead to significatively higher prices for end consumers in the US market.
Steel market shakes tariffs off amid weak demand
Service centers and distributors contend that weak demand is to blame for the flattening of domestic steel spot prices, as reflected in Nucor Steel’s weekly Consumer Spot Price (CSP) notice. On Monday, the Charlotte, North Carolina-headquartered steel producer left prices unchanged from the previous week. Nucor has maintained prices of plate produced in Brandenburg since March 28.
SMU’s May at a glance
SMU’s Monthly Review provides a summary of our key steel market metrics for the previous month, with the latest data updated through May 30.