ArcelorMittalhas announced that it has completed the acquisition of an 80 percent share in Austria-basedVoestalpine’s hot briquetted iron (HBI) plant in Corpus Christi, Texas after being granted the necessary approvals.
As SteelOrbis previously reported, the company had announced in April this year that it had signed an agreement to acquire an 80 percent share in the plant in question and thatVoestalpinewould retain the remaining 20 percent.
The Corpus Christi plant has an annual capacity of two million 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 enhancesArcelorMittal’s ability to produce the high-quality input materials required for low-carbon emissionssteelmaking, and reinforces the company’s position as a world leader in DRI production.