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
USW cheers Evraz NA agreement with Atlas Holdings
The United Steelworkers (USW) labor union celebrated recent news of the signed agreement between Atlas Holdings and Evraz NA in which the Connecticut-based private equity company said it plans to acquire North America’s Evraz facilities.
Steel buyer spirits tempered by soft spot market conditions
Steel sheet buyers report feeling bogged down by the ongoing stresses of stagnant demand, news fatigue, tariff negotiations or implementation timelines, and persistent macroeconomic uncertainty.
Hot-rolled coil buyers continue seeking certainty
Steel market participants contend that buyers will remain in “wait-and-see" mode until some market stability is restored.
Latin American steel advocates warn on cheap import flood
Subsidized Chinese steel imports and cheap steel products from Association of Southeast Asian Nations (ASEAN) entering Latin American (LATAM) are threatening the region's steel market.
CRU: Steel prices fall amid global demand weakness
The forceful headwinds bearing down on steel markets across the globe have created demand challenges and sent prices southward. The US, however, challenged the global trend.