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PITTSBURGH – United States Steel Corporation (NYSE: NYSE:), a leading steel producer, has made a strategic investment in Freespace Robotics, a Pittsburgh-based company specializing in robotic storage and retrieval systems. The move aims to foster innovation and support the local economy by expanding the workforce within the region.
Freespace Robotics is known for its autonomous storage systems that utilize robots to efficiently store and retrieve goods, a technology increasingly sought after in warehousing, retail, and logistics. The company plans to use the investment from U.S. Steel to further develop its pilot program, establish a manufacturing site in Pittsburgh, and expand its team.
This investment reflects U.S. Steel's commitment to innovation and belief in the Pittsburgh region's potential as a center for technological advancement. “Investing in Free Space Robotics is another way we foster innovation while supporting local economies and their workforces,” said Christian Gianni, senior vice president and chief technology officer at U.S. Steel. .
According to LogisticsIQ, the US warehouse automation market is expected to grow significantly, with a compound annual growth rate of more than 15% through 2028, by which time the global market value could reach $44 billion. There is a gender.
FreeSpace Robotics, a Carnegie Foundry portfolio company affiliated with Carnegie Mellon University's National Robotics Center, is at the forefront of this growth. The collaboration with Carnegie Foundry and the investment from U.S. Steel, which is also a major investor in Carnegie Foundry, is expected to enhance the development of advanced technologies essential to a resilient and efficient supply chain.
As part of the investment, Jim Cook, director of strategy and corporate development at US Steel, will join Freespace Robotics' board of directors, further strengthening the partnership between the two companies. Details of the investment were not disclosed.
This strategic move by US Steel is based on a press release statement and indicates the company's direction towards integrating innovative technologies into traditional industries.
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