US Steel to close UPI, sell property in 2023

US Steel Corp has informed employees of USS-Posco Industries (UPI) that the Pittsburg, California-based steel mill will be shut down in about 18 months, or December 2023, several market participants said.

“They’re going to sell the property, which is huge for warehousing, to a developmental company,” one distributor source said on Friday January 14.

“It’s a true story – I spoke to their sales rep... We are waiting for some official statement from [US Steel, but] they are already telling their customers,” a trader source said.

“UPI’s closure will have a big impact on the West Coast,” the trader source said. “If not this year, next year people will have to start shifting their supply chains.”

A spokesperson from US Steel declined to confirm or deny the story at the time of publication.

US Steel acquired Posco-California Corp’s (Poscal’s) 50% stake in UPI in 2020.

Rijuta Dey Bera in New York contributed to this report.

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