MT - ArcelorMittal to spend Euro300M on French electric steel plant

ArcelorMittal (NYSE:MT) says it will invest more than €300M ($331M) with government support to create a new production unit for electrical steels at its Mardyck site in the north of France. The steelmaker says the new industrial unit will specialize in the production of steels for use in engines of electric and hybrid vehicles and have a 200K-ton production capacity, with start-up scheduled for 2024. ArcelorMittal says its electrical steels will contribute to achieving the European Union's goals on the reduction of CO2 emissions from mobility, and the project is supported by the French government, but the company does not disclose the extent of the financial contributions. ArcelorMittal reportedly raised its official hot-rolled coil offer by €100/ton to €1,400/ton across Europe, capping €430/ton in increases for HRC since the beginning of March.

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ArcelorMittal to spend €300M on French electric steel plant