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Shale gas could boost development of steel plants

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The U.S. shale-gas revolution, which has revitalized chemical companies and prompted talk of domestic energy self-sufficiency, is attracting a wave of investment that may revive profits in the steel industry, Bloomberg reported. Austrian steelmaker Voestalpine AG said Dec. 19 it may construct a $661 million factory in the United States to benefit from cheap gas. Nucor Corp., the most valuable U.S. steelmaker, plans to start up a $750 million Louisiana project in mid-2013. They’re among at least five U.S. plants under consideration or being built that would use gas instead of coal to purify iron ore, the main ingredient in steel. Read more.