Market Segment
US Steel Partners with Shell and Equinor on Clean Energy Hub
Written by Becca Moczygemba
August 16, 2022
US Steel is going green. The Pittsburgh-based company has formed a non-exclusive alliance with Equinor US Holdings Inc. and Shell US Gas and Power LLC to establish a clean energy hub in the Ohio, Pennsylvania, and West Virginia tri-state area.
Infrastructure projects associated with this development will generate new jobs, encourage economic growth, and contribute to a decrease in carbon emissions. Steel Market Update previously covered the initial rumblings of this venture in June of 2021.
As part of the agreement, Equinor and Shell will file a joint application for funding from the US Department of Energy. US Steel is assessing its role in the venture and is considering contributing to funding, being a customer, supplier, or partner.
“US Steel is investing significant resources to achieve the sustainability goals in our Best for All® strategy, and we know we cannot do it all alone. Successfully addressing the climate crisis requires public and private collaborations,” said Richard L. Fruehauf, US Steel’s chief strategy & sustainability officer. “We cannot —and will not—stand still, and this agreement is another effort to advance profitable, sustainable steel solutions for people and the planet.”
The regional carbon capture, utilization and storage (CCUS) and hydrogen hub aligns with the US’ intentions to accomplish net-zero carbon emissions by 2050. US Steel intends to engage the public and private sectors for further development of the hub.
Have some news or just want to chat? Email me!
By Becca Moczygemba, Becca@SteelMarketUpdate.com
Becca Moczygemba
Read more from Becca MoczygembaLatest in Market Segment
Nucor targets ‘white hot’ data center boom
With infrastructure demand shifting toward digital capacity, Nucor Corp. is positioning itself as the go-to steel supplier for the data center boom.
Gerdau’s N. American earnings rise in Q3 due to fall in imports
Gerdau’s North American profits rose in the third quarter, boosted by a decline in imports due to Section 232 steel tariffs.
Ternium swings to Q3 loss, eyes 2026 recovery
Ternium closed the third quarter with steady shipments and improving margins. But trade policy uncertainty and subdued demand in Mexico weighed on the Latin American steelmaker’s results.
SMU Mill Order Index fell in September
SMU’s Mill Order Index declined in September after repeated gains from June through August. The shift came as service center shipping rates and inventories fell.
Algoma’s losses widen in Q3 as tariff troubles continue
Algoma Steel’s net loss more than quadrupled in the third quarter on trade woes and its EAF transition. Separately, the company announced a change in leadership, as CEO Michael Garcia will retire at the end of the year.