U. S. Steel’s Operations in Arkansas Generated $383.2 Million in Economic Impact
1,747 jobs created or sustained by economic activity
OSCEOLA, Ark.--(BUSINESS WIRE)-- United States Steel Corporation (“U. S. Steel”) operations in Arkansas, which includes Big River Steel in Osceola, and Wheeling Machine Products in Pine Bluff, contributed more than $383.2 million to local and state economies in Fiscal Year 2022, according to an economic impact report released today. The study further concludes that U. S. Steel’s economic activity supported or sustained 1,747 jobs. With the upcoming Oct. 12 ribbon-cutting of U. S. Steel’s new non-grain oriented (“NGO”) electrical steel line for advanced, low carbon, electric steels, and the ongoing construction of a second mini mill steelmaking facility dedicated to the transition to sustainable steel production, U. S. Steel is poised to continue driving an economic transformation through the state and region.
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“At U. S. Steel, our Best for All® strategy means delivering stockholder value and being the best partner to our customers, our suppliers, our planet, and the communities in which we operate,” said President and Chief Executive Officer David B. Burritt. “That certainly includes Arkansas. We are thrilled that U. S. Steel’s operations have had such a transformative effect in northeast Arkansas. And we’ve only just begun; Big River Steel 2, currently under construction, will create another 900 jobs.”
By offering competitive wages, which attract talent to the area and provide an opportunity to improve the standard of living, U. S. Steel jobs have a profound impact on Arkansas residents.
“These jobs with these kinds of pay levels create the opportunity for wealth-building in families that literally changes the arc of affordability generation to generation,” said Randy Zook, President and Chief Executive Officer of the Arkansas State Chamber of Commerce and the Associated Industries of Arkansas.
“As a community partner, our goal is to bring value to Osceola, northeast Arkansas, and the state, over the long haul. With the ongoing success of our first plant and construction of our second one well underway, we look forward to continuing our profitable and productive relationship with the people of Arkansas and adding even greater economic benefits to the regional community,” said Daniel Brown, Senior Vice President of Advanced Technology Steelmaking and Chief Operating Officer of Big River Steel Works.
The study, commissioned by U. S. Steel, was conducted by Parker Philips, a nationally recognized consulting firm specializing in economic impact analysis.
“An economic impact analysis is an objective way to measure the impact of an organization in the regional economy. It is a tool that policy makers and local businesses can use to inform their decisions,” said Nichole Parker, a principal partner at Parker Philips. “Through its operations, as well as philanthropic giving and community engagement, U. S. Steel is making a major contribution to the local, state, and regional economies.”
In the analysis, the study considered the direct spending on operations, pay, benefits, and capital projects by U. S. Steel and the estimated increase in demand for goods and services in industry sectors that supply or support the company. The study also measured the impact of charitable giving by U. S. Steel and its employees.
Among the highlights in the report:
- The $383.2 million total economic impact of U. S. Steel’s operations in Arkansas in FY22 included $219 million from direct impact and $164.2 million in indirect/induced impact.
- The value-added impact generated by U. S. Steel’s operations in Arkansas on the economy is $282.7 million ($196.1 million direct and $86.6 indirect/induced).
- The operations of U. S. Steel in Arkansas supported more than 1,747 jobs (878 direct and 869 indirect/induced in FY22).
- Through its operations and capital spending in FY22, U. S. Steel contributed $16.3 million in state and local taxes in Arkansas.
- In 2022, U. S. Steel donated $1 million to organizations in Mississippi County and Osceola, Arkansas.
- U. S. Steel employees contributed an estimated $800,000 to local charities through philanthropic giving and volunteering in the local community.
- The Big River Steel 2 construction project will have an impact of $5.2 billion, based on $3 billion of direct spending over a 4+ year timespan.
To view the full report and learn more about U. S. Steel’s community engagement in Arkansas click here.
Founded in 1901, United States Steel Corporation is a leading steel producer. With an unwavering focus on safety, the Company’s customer-centric Best for All® strategy is advancing a more secure, sustainable future for U. S. Steel and its stakeholders. With a renewed emphasis on innovation, U. S. Steel serves the automotive, construction, appliance, energy, containers, and packaging industries with high value-added steel products such as U. S. Steel’s proprietary XG3® advanced high-strength steel. The Company also maintains competitively advantaged iron ore production and has an annual raw steelmaking capability of 22.4 million net tons. U. S. Steel is headquartered in Pittsburgh, Pennsylvania, with world-class operations across the United States and in Central Europe. For more information, please visit www.ussteel.com.
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Source: United States Steel Corporation