Français
Deutsch
Español
Italiano
Português
日本語
한국어
Русский
Launch of European domestic Green Steel prices
Oct 02, 2023Americas Steel Pipes Market is anticipated to register 3.6% CAGR and a top valuation of US$ 35.5 Million by 2033
Jul 13, 2023Steel Authority of India (NSE:SAIL) Has A Somewhat Strained Balance Sheet
Jan 14, 2024Legislation seeks to address unfair trade
Jul 23, 2023Inside the New Chevrolet Performance 6.6
May 19, 2023ArcelorMittal to buy Nippon Steel’s Alabama mill stake - Recycling Today
Oct 23, 2024By Brian Taylor, Senior Editor
Luxembourg-based gobal steelmaker ArcelorMittal has entered into a conditional equity purchase agreement with Japan-based Nippon Steel Corp. (NSC) that would see ArcelorMittal purchasing NSC’s 50 percent interest in the two firms’ joint venture (JV) steel mill in Calvert, Alabama.
The AM/NS Calvert mill contains numerous downstream steel production lines (pickling, coating, galvanizing and hot strip making) and is in the midst of having a 1.5 million-tons-per-year electric arc furnace (EAF) melt shop installed.
ArcelorMittal says the transaction has been entered into at the request of NSC pertaining to regulatory concerns stemming from its attempted acquisition of Pittsburgh-based United States Steel Corp.
The transaction is subject to NSC completing its pending acquisition of U.S. Steel, which is subject to various other regulatory requirements, according to ArcelorMittal.
Under the terms of the agreement, ArcelorMittal will pay $1 consideration for the transaction and NSC will inject cash and forgive partner loans in an amount the companies estimate to be about $900 million.
“There are no assurances or guarantees that NSC will complete its acquisition of U.S. Steel,” ArcelorMittal says. “Should NSC not complete its acquisition of U.S. Steel, then the agreement will not come into effect and the AM/NS Calvert JV will continue.”
The AM/NS Calvert mill was owned by Thyssen Krupp USA when ArcelorMittal and NSC JV acquired it more than 10 years ago.
ArcelorMittal says the EAF melt shop being installed will be integrated with ArcelorMittal’s HBI facility in Texas to enable Calvert to supply automotive customers with lower CO2 embodied steel, melted and poured in the U.S.
“With more investments under consideration—a second EAF and a nongrain oriented electrical steels line—Calvert will continue to fulfil its critical role in supplying domestic manufacturing industries," the company says.