Steel Markets
GM To Invest $632M in Fort Wayne Assembly Plant
June 13, 2023
General Motors said Monday it plans to invest $632 million in its Fort Wayne, Ind., assembly operation for future truck production.
The Detroit-based automaker said the investment will prepare the plant for production of “the next-generation internal combustion engine (ICE) full-size light-duty trucks,” adding that product details and timing related to future trucks are not being released at this time.
“This investment reflects our commitment to our loyal truck customers and the hard work of the dedicated Fort Wayne team,” Gerald Johnson, EVP of global manufacturing and sustainability, said in a statement.
“It also highlights the company’s commitment to continue providing customers a strong portfolio of ICE vehicles for years to come,” he said.
Johnson noted that GM’s manufacturing operations include more than 50 assembly, stamping, propulsion and component plants and parts distribution centers nationwide.
The Fort Wayne operation builds the Chevrolet Silverado 1500 and GMC Sierra 1500. GM said the investment will support new conveyors, tooling, and equipment in the plant’s body and general assembly areas.
Hourly employees are represented by United Auto Workers (UAW) union Local 2209, according to GM.
“When business is booming as it has been for the past decade — due to the hard work of UAW members — the company should continue to invest in its workforce,” said Mike Booth, UAW VP, GM department. “It is good to see that GM recognizes the hard work you, the UAW membership, contribute to the success of this company.”
This investment comes on the heels of other investments the automakers announced earlier this month.
By Ethan Bernard, ethan@steelmarketupdate.com
Latest in Steel Markets
Sheet market participants say sales still in a slump
Across the US and throughout the steel supply chain, market participants are reporting another painfully quiet week for hot-rolled (HR) coil sales.
CRU: Lower sheet prices have pulled back demand for imports
Domestic sheet prices in the US remained under pressure, limiting interest in imports, while domestic prices for longs products continued to rise.
President Trump intends to set additional steel tariffs
While boarding Airforce One on Friday, US President Donald Trump stated that he would be setting more steel tariffs and putting ~100% tariffs on semiconductors and chips.
USS, government officials give update on Clairton Coke Works incident
U.S. Steel, Allegheny County executive Sara Innamorato, and Pennsylvania Gov. Josh Shapiro clarified details from early reports about the Clairton Coke Works facility explosion just one day earlier.
Hot-rolled spot market conditions linger, prices slip
Market participants said they have high hopes that the stable hot-rolled spot market will improve as the year rolls on.