A $2.7 billion project to replace one of Newark Liberty International Airport's three terminals has passed a milestone.

Steelworkers raised the final steel beam for the exterior of the new Terminal 1 on Wednesday with Gov. Phil Murphy, Senate President Steve Sweeney and other elected officials looking on.

The new terminal will increase capacity and improve amenities at an airport that consistently ranks near the bottom of surveys on passenger satisfaction and on-time performance.

“We are completely, 100% committed to transforming our airports into 21st century world-class facilities,” said Port Authority Executive Director Rick Cotton.

Twenty-one of the new terminal's gates will open in 2021 and 12 more will open in 2022. The current terminal has 28 gates.

“This is a really good day for Newark Liberty. It’s a great day for the Port Authority, and it’s an extraordinarily good day for the great state of New Jersey,” Murphy said.

The Port Authority of New York and New Jersey, the agency that operates the airport, also plans to replace Terminal B and install a new AirTran system. New York's John F. Kennedy and LaGuardia airports will also get upgrades in the future.

Newark Liberty handles about 45 million passengers per year.