GE is looking to build a new “super shear” machine for steel sheets at its plants in the United States and Europe, and it’s not cheap.
The proposed system could cost about $500 million, according to GE Chief Financial Officer Paul Schoenecker, who also oversees GE’s steel and aluminum business.
That includes a $1 billion investment in a new system that will allow for greater shear rates, but also for the machines to operate independently of one another, he said.
“It’s a big project, but it’s a great project,” Schoenck said.
“This is the only way to do it.
You’ve got to have one super shear.
We’ve got a super sheare machine for this steel.”GE has been trying to improve the way it uses the machines since it began making sheet metal in 2008.
GE is building its first super sheared mill in Germany, and Schoek said the new GE super shearing machine would allow the company to produce sheet metal faster than the old ones, and make it easier to weld sheets.
GE also is building new machines to make steel, aluminum and plastic, and has been testing new techniques to make it more brittle.
GE expects to have a new machine ready to roll out by year-end, he added.GE also is working on a new method of creating sheet metal from a mixture of high-temperature water and sand, which Schoep said would cut costs and help increase production.
GE has also been testing a process called “hot melting” to help speed up the process, he noted.
GE will also be developing new processes for making high-density polymers, including polypropylene, which it is currently developing in an effort to create new products for automotive and other industries.GE has invested billions of dollars in the manufacturing of steel and other materials.
The company recently announced a $25 billion acquisition of a joint venture company called Flexsteel that has worked to create a more efficient, more sustainable steelmaking process, according a company release.
GE currently produces about 10 percent of the world’s steel.
Schoep also touted GE’s recent investments in its aluminum and plastics manufacturing, saying the company has made significant progress in developing the process to make more environmentally friendly materials.
GE recently completed a $5 billion project to develop its aluminum-extrusion technology, and the company is working to develop a process to produce more environmentally-friendly plastics and other products.
Schockel’s comments come on the heels of GE announcing plans to invest $3 billion in a $30 billion plant in South Korea.
That project will create more than 1,000 jobs, with most of those jobs in manufacturing and research and development.
The company said it will create about 700 new jobs at the facility and more than 5,000 at its global headquarters in Bloomfield Hills, Michigan.
The announcement came a week after GE reported another $1.1 billion in fourth-quarter earnings.
The announcement comes as President Donald Trump and Vice President Mike Pence are scheduled to visit the GE plant in the Detroit area.