ADVFN Logo

We could not find any results for:
Make sure your spelling is correct or try broadening your search.

Trending Now

Toplists

It looks like you aren't logged in.
Click the button below to log in and view your recent history.

Hot Features

Registration Strip Icon for charts Register for streaming realtime charts, analysis tools, and prices.

MT ArcelorMittal

25.485
-0.01 (-0.04%)
Last Updated: 13:27:46
Delayed by 15 minutes
Share Name Share Symbol Market Type
ArcelorMittal EU:MT Euronext Ordinary Share
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -0.01 -0.04% 25.485 25.475 25.48 25.775 25.31 25.70 601,293 13:27:46

ArcelorMittal to Buy Majority of Voestalpine's Texas HBI Plant

14/04/2022 7:21am

Dow Jones News


ArcelorMittal (EU:MT)
Historical Stock Chart


From Mar 2022 to Mar 2024

Click Here for more ArcelorMittal Charts.

By Joshua Kirby

 

ArcelorMittal said Thursday that it has agreed to buy a majority stake in peer Voestalpine AG's hot briquetted iron plant in Texas in the U.S., in a deal that values the operations at $1 billion.

The steel maker will take an 80% stake in the plant at Corpus Christi, which has an annual capacity of two million metric tons of HBI. The product is a high-quality feedstock made through the direct reduction of iron ore, used to produce high-quality steel grades in an electric arc furnace, but which can also be used in blast furnaces, resulting in lower coke consumption, ArcelorMittal said.

As part of the transaction, the company has also agreed to supply Austria's Voestalpine with an annual volume of HBI in line with the latter's equity stakes in steel mills at Donawitz and Linz in Austria. Voestalpine will retain the remaining 20% stake in the plant.

The remaining balance of production will be delivered to third parties under existing supply contracts and to ArcelorMittal's own facilities, the company said.

The stake acquisition is subject to customary regulatory approvals, ArcelorMittal added.

 

Write to Joshua Kirby at joshua.kirby@wsj.com; @joshualeokirby

 

(END) Dow Jones Newswires

April 14, 2022 02:06 ET (06:06 GMT)

Copyright (c) 2022 Dow Jones & Company, Inc.

1 Year ArcelorMittal Chart

1 Year ArcelorMittal Chart

1 Month ArcelorMittal Chart

1 Month ArcelorMittal Chart

Your Recent History

Delayed Upgrade Clock