US Government to Invest US$50 Million in Austal USA

  • Jun 22, 2020 AEST
  • Team Kalkine

Austal Limited (ASX:ASB) announced that the US Government, Department of Defense (DoD), in support of U.S. Navy Shipbuilding Industrial Base declared a US$50 million Defense Production Act Title III Agreement with Austal USA. The agreement would maintain, protect, & grow U.S. Domestic Production of steel shipbuilding ability and capacity through capital projects that will be executed over the later 24 months, starting in June 2020.

The scope of the agreement is yet to be definitized but depending on deal with the DoD, Austal expects to use the funds to begin investment in the development of extra capacity for steel naval vessel building at the Mobile shipyard.

 


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