ArcelorMittal Agrees to Buy 80% of Voestalpine Plant in Texas

ArcelorMittal SA said it has signed an agreement to buy 80% of Voestalpine’s hot briquetted iron plant in Corpus Christi in Texas, in a deal that values the operations at $1 billion.

The deal helps the steelmaker produce feedstock for electric-arc furnaces, while furthering its push to lower carbon emissions, according to Chief Executive Officer Aditya Mittal.

“This is a compelling strategic acquisition for our company,” the CEO said in a statement on Thursday. “The facility is world-class and is ideally located, with its own deep-water port.”

ArcelorMittal has also signed a long-term offtake agreement with Voestalpine in relation ...