GARY – As automobile plants resume operations, demand for steel is starting to pick up. In response, U.S. Steel (NYSE: X) plans to restart its No. 6 Blast Furnace at Gary Works after the Fourth of July weekend.
The company paused production in late April after the coronavirus pandemic shut down automotive plants and undercut the demand for steel.
Our partners at The Times of Northwest Indiana report the Pittsburgh-based steelmaker will keep the No. 4 Blast Furnace in idle mode.
But now demand has picked up enough that it is restarting the blast furnace. The publication says restarting the furnace will provide a jolt that will benefit Northwest Indiana’s ailing steel industry.
“We remain ready to serve our customers as they adjust to changing market conditions by utilizing the flexibility of our banked blast furnaces, including, if needed, adjusting operations intermittently to accommodate changes in our order book,” said U.S. Steel spokesperson Meghan Cox.
The Times reports U.S. Steel expects to lose $315 million in the second quarter as a result of the COVID-19 outbreak and the economic turmoil it caused.