ArcelorMittal (MT) said Thursday it plans to build a new US steel plant with the capacity to produce 150,000 metric tons of premium non-grain-oriented electrical steel per year.
The Calvert, Alabama plant is expected to cost $900 million with production to begin in H2 2027, the company said in its latest earnings release.
The company also said that another plant in Calvert producing automotive grade steel is near completion.
Shares of the company were up more than 5% in Thursday's premarket activity.
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