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  Plant idlings, employee furloughs and a production downturn, hit the industry hard.
  At the same time, mega consolidations and acquisitions hold promise to lead the iron and steel industries into a new future.
  Major industry consolidation occurred some 20 years ago. However, even more consolidation took place this year. Cleveland-Cliffs, Inc. led the way.
  ⢠Cliffs completed two major consolidations which for the first time moved the 173-year-old company into steelmaking.
  ⢠United States Steel Corp. expanded into electric arc furnace steelmaking and agreed to option interest in its mammoth Minntac Mine in Mountain Iron.
  After the industry hit the skids in the spring, domestic steel prices and global iron ore prices by the end of 2020 skyrocketed to the highest levels in years.   Â
How US Steel’s $412 million Fairfield electric arc furnace works
Updated Dec 10, 2020;
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U.S. Steel officials today celebrated the start-up of the company’s first electric arc furnace at Fairfield Works, a $412 million investment it says will eventually produce 1.6 million tons of steel a year.
The company held a “virtual” start-up due to the COVID-19 pandemic, with company and public officials celebrating the event online, saying the start-up happened on-time and on-budget despite the disruptions of 2020.
Construction began in March 2019, not long after the announcement that the furnace was again a go. The project mixed new and refurbished elements at the plant.