North Star Expansion: So Far, So Good, CEO Says
“We are very pleased with the progress,” Vassella said in a statement announcing the company’s six-month earnings.
Vassella said the major equipment contracts have been awarded and orders placed.
“Site works continue, including the commencement of the tunnel furnace shuttle car foundations and the erection of the meltshop building,” he said.
Through the US$700 million project, the company is installing a third electric arc furnace and a second caster. The project is expected to lift the mill’s capacity by 850,000 metric tons annually.
Vassella said the company remains upbeat about the investment.
“In North America, the U.S. economy remains robust, and we continue to see it as a great place to build our business with plenty of opportunities for us to grow. We continue to feel very confident about our investment in the expansion of North Star,” he said.