The acquisition, announced in April this year, values the Corpus Christi operations at $1 billion. The state-of-the-art plant is one of the largest of its kind in the world. It has an annual capacity of two million tonnes of HBI, which is a premium, compacted form of Direct Reduced Iron (‘DRI’) developed to overcome issues associated with shipping and handling DRI.
The transaction enhances ArcelorMittal’s ability to produce the high-quality input materials required for low-carbon emissions steelmaking, and reinforces the Company’s position as a world leader in DRI production.
ArcelorMittal intends to lead the decarbonisation of the global steel industry. More details on the Company’s climate action ambitions, strategy, technologies and ongoing decarbonisation projects can be found here.