Nippon Steel agrees to sell its interest in Calvert to ArcelorMittal, at the request of NSC pursuant to its agreed acquisition of US Steel
11 Octubre 2024 - 1:30AM
UK Regulatory
Nippon Steel agrees to sell its interest in Calvert to
ArcelorMittal, at the request of NSC pursuant to its agreed
acquisition of US Steel
11 October 2024, 08:30 CET
ArcelorMittal (the “Company”, “Group”) announces it has entered
into a definitive Equity Purchase Agreement (the “Agreement”) with
Nippon Steel Corporation (“NSC”) pursuant to which ArcelorMittal
will purchase NSC’s 50% equity interest in the AM/NS Calvert Joint
Venture (the “Transaction”). The Transaction has been entered in to
at the request of NSC to address regulatory concerns pursuant to
its agreed acquisition of US Steel. The Transaction is subject to
NSC completing its pending acquisition of US Steel, which is
subject to various other regulatory requirements.
Under the terms of the agreement, ArcelorMittal will pay $1
consideration for the Transaction; further, NSC will inject cash
and forgive partner loans in an amount estimated to be
approximately $0.9 billion.
There are no assurances or guarantees that NSC will complete its
acquisition of US Steel. Should NSC not complete its acquisition of
US Steel, then the Agreement will not come into effect and the
AM/NS Calvert Joint Venture will continue.
Background on AM/NS Calvert
A Joint Venture between ArcelorMittal and NSC acquired Thyssen
Krupp USA in February 2014.
Calvert is the most capable finishing facility in North America,
supplying the highest quality steel solutions to the most demanding
customers in the region:
- State-of-the-art hot strip mill
(HSM) designed to roll advanced high strength steels (AHSS), Line
Pipe & Stainless products
- Continuous Pickling Line (CPS) and
coupled Pickle Line-Tandem Cold Mill (PLTCM) optimized for auto
production (including exposed)
- Coating Lines, galvanized and
aluminized, which can supply advanced automotive grades including
Gen3 AHSS and Press Hardened Steel (PHS)
The new 1.5mtpa electric arc furnace (EAF) currently under
construction, integrated with ArcelorMittal’s HBI facility in
Texas, will enable Calvert to supply automotive customers with
lower CO2 embodied steel, melted and poured in the
United States of America.
With more investments under consideration – a
second EAF and a Non-Grain Oriented Electrical Steels line –
Calvert will continue to fulfil its critical role in supplying
domestic manufacturing industries.
ENDS
About
ArcelorMittal
ArcelorMittal is one of the world’s leading integrated steel
and mining companies with a presence in 60 countries and primary
steelmaking operations in 15 countries. It is the largest steel
producer in Europe, among the largest in the Americas, and has a
growing presence in Asia, including India, through its joint
venture AM/NS India.
ArcelorMittal sells its products to a diverse range of
customers including the automotive, engineering, construction and
machinery industries, and in 2023 generated revenues of $68.3
billion, produced 58.1 million metric tonnes of crude steel and
42.0 million tonnes of iron ore.
Our purpose is to produce smarter steels for people and
planet. Steels made using innovative processes which use less
energy, emit significantly less carbon and reduce costs. Steels
that are cleaner, stronger and reusable. Steels for the renewable
energy infrastructure that will support societies as they transform
through this century. With steel at our core, our inventive people
and an entrepreneurial culture at heart, we will support the world
in making that change.
ArcelorMittal is listed on the stock exchanges of New York
(MT), Amsterdam (MT), Paris (MT), Luxembourg (MT) and on the
Spanish stock exchanges of Barcelona, Bilbao, Madrid and Valencia
(MTS). For more information about ArcelorMittal please visit:
http://corporate.arcelormittal.com.
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