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Company incubated in Carnegie Foundry, a Pittsburgh-based partner of Carnegie Mellon University
PITTSBURGH–(BUSINESS WIRE)– United States Steel Corporation (NYSE: X) (“U. S. Steel”) today announced a strategic investment in Pittsburgh-based Freespace Robotics, a pioneering manufacturer of robotic storage and retrieval systems that are in demand by warehouses worldwide. This investment will help Freespace hire and retain local talent as well as recruit others into the region.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240310404334/en/
“Investing in Freespace Robotics is another way we’re promoting innovation while supporting the regional economy and its workforce,” said Christian Gianni, U. S. Steel Senior Vice President & Chief Technology Officer. “Given Freespace’s ambitious growth plan rooted right here in our hometown, this investment also underscores how we’re doubling down on the region because we believe in its potential to be a force for innovation in the U.S. and beyond.”
Freespace Robotics manufactures an autonomous storage system that leverages robots to store and retrieve goods in ways that are new to market. For example, its robots can handle multiple goods at once, more sizes of goods, and can store and retrieve goods in a single action. The company will use U. S. Steel’s investment to execute on pilot programs, establish its manufacturing presence in the region and scale up its team.
Automated storage and retrieval systems are used for warehousing, retail, and logistics; from the largest of distribution centers to regional centers, and micro-fulfillment and back of store for ecommerce. The warehouse automation market in the U.S. alone is expected to grow at a Compounded Annual Growth Rate of over 15% through 2028 and become a $44B market globally by 2028. [source: LogisticsIQ]
“This region has a long history of industrial innovation through advances in hardware and large-scale equipment,” said Freespace Robotics CEO Dr. Robert J. Szczerba. “U. S. Steel knows first-hand the importance of creating an innovation pipeline for themselves and the additional value of doing so in its hometown with hometown talent.”
“The Freespace Robotics team are clear leaders and innovators. These highly advanced technologies will be essential for a robust, resilient, and more efficient supply chain,” added Gianni.
Freespace Robotics is a portfolio company from Carnegie Foundry, a Robotics and AI venture studio headquartered in Pittsburgh that partners with the world leader in autonomous robotics – the National Robotics Engineering Center (NREC) at Carnegie Mellon University – to build its technologically advanced solutions. NREC combines expertise from decades of applied R&D work in autonomy with highly strategic, corporate and public sector partners to bring multi-use technology solutions to market. U. S Steel is also an anchor investor of Carnegie Foundry.
As part of this investment, U. S. Steel’s Director of Strategy & Corporate Development, Jim Cook, will join the Freespace Robotics Board of Directors. Additional terms of the deal were not disclosed.
About U. S. Steel
Founded in 1901, United States Steel Corporation is a leading steel producer. With an unwavering focus on safety, the Company’s customer-centric Best for All® strategy is advancing a more secure, sustainable future for U. S. Steel and its stakeholders. With a renewed emphasis on innovation, U. S. Steel serves the automotive, construction, appliance, energy, containers, and packaging industries with high value-added steel products such as U. S. Steel’s proprietary XG3® advanced high-strength steel. The Company also maintains competitively advantaged iron ore production and has an annual raw steelmaking capability of 22.4 million net tons. U. S. Steel is headquartered in Pittsburgh, Pennsylvania, with world-class operations across the United States and in Central Europe. For more information, please visit www.ussteel.com.
About Freespace Robotics
Freespace Robotics is a warehouse automation company with a reimagining of Automated Storage and Retrieval Systems (AS/RS) that are space efficient and high-speed; capable of high-volume movement of goods, in nearly any size, shape, and temperature environment. We are a robotic automation and AI company laser-focused on delivering unimagined advances in order-fulfillment and movement of goods. Freespace Robotics is based, rooted, and embedded in Pittsburgh, where industrial innovation and AI is bred, deployed and acquired. To learn more about Freespace Robotics, please visit www.freespacerobotics.com.
Inquiries:
Investment: Matthew B. Wachter, matt@freespacerobotics.com
Pilot / Sales: Karl Sanchack, ksanchack@freespacerobotics.com
About Carnegie Foundry
Carnegie Foundry is a unique Robotics and AI venture studio, headquartered in Pittsburgh, PA. In partnership with the world leader in autonomous robotics and AI – the National Robotics Engineering Center (NREC) at Carnegie Mellon University – we develop, mature and spin out companies that commercialize cutting-edge intellectual property and advanced prototypes, already market tested and primed for new and expanded applications. For more information visit www.carnegiefoundry.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240310404334/en/
Corporate Communications
T – (412) 433-1300
E – media@uss.com
Emily Chieng
Investor Relations Officer
T – (412) 618-9554
E – ecchieng@uss.com
Source: United States Steel Corporation
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U. S. Steel Operator
T: (412) 433-1121
8 a.m. – 5 p.m. Eastern
Monday – Friday
Emily Chieng
Investor Relations Officer
T: (412) 618-9554
ecchieng@uss.com
Eric Linn
Director – Investor Relations
T: (412) 433-2385
eplinn@uss.com
United States Steel Corporation
Corporate Headquarters
600 Grant Street
Pittsburgh, PA 15219
United States
For general inquiries, contact the U. S. Steel Operator. Phone: (412) 433-1121
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Forward-Looking Statements:
This webpage contains information that may constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. We intend the forward-looking statements to be covered by the safe harbor provisions for forward-looking statements in those sections. Generally, we have identified such forward-looking statements by using the words “believe,” “expect,” “intend,” “estimate,” “anticipate,” “project,” “target,” “forecast,” “aim,” “should,” “will,” “may” and similar expressions or by using future dates in connection with any discussion of, among other things, operating performance, trends, events or developments that we expect or anticipate will occur in the future, statements relating to volume changes, share of sales and earnings per share changes, anticipated cost savings, statements regarding our future strategies and statements expressing general views about future operating results. However, the absence of these words or similar expressions does not mean that a statement is not forward-looking. Forward-looking statements are not historical facts, but instead represent only the Company’s beliefs regarding future events, many of which, by their nature, are inherently uncertain and outside of the Company’s control. It is possible that the Company’s actual results may differ, possibly materially, from the anticipated results indicated in these forward-looking statements. Management believes that these forward-looking statements are reasonable as of the time made. However, caution should be taken not to place undue reliance on any such forward-looking statements because such statements speak only as of the date when made. Our Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. In addition, forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from our Company’s historical experience and our present expectations or projections. These risks and uncertainties include, but are not limited to, the risks and uncertainties described on this webpage and in “Item 1A. Risk Factors” in our Annual Report on Form 10-K and those described from time to time in our reports filed with the Securities and Exchange Commission.
The USS logo is a registered trademark and X is a service mark of United States Steel Corporation.
© 2023 United States Steel Corporation. All Rights Reserved.
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