U.S. Steel postponed plan to construct a 1.6 million ton electric arc furnace at its Fairfield Works facility in Alabama, reports Forbes.
U.S. Steel says it can meet declined demand for steel with its existing production facility.
The company’s U.S. Flat-rolled steel division, which accounts for roughly two-thirds of its revenues, reported a 27 percent year-over-year decline in shipments in the first nine months of the year. The decline in the division’s shipments has largely been due to competition from cheap steel imports. Steel sheet imports accounted for 22 percent of the domestic steel sheet market in 2014, up from 15 percent in 2013. This figure is expected to rise further in 2015.