ArcelorMittal (MT) said Wednesday it completed the acquisition of Nippon Steel's 50% stake in the AM/NS Calvert joint venture after the Japanese steelmaker completed its purchase of US Steel (X).
ArcelorMittal paid $1 for the stake, while Nippon provided cash and forgave partner loans amounting to an estimated $900 million as previously agreed between both sides.
ArcelorMittal said it had renamed the facility to ArcelorMittal Calvert and expects to record an exceptional gain of approximately $1.5 billion in its Q2 results.
The company previously said it would invest $1.2 billion to expand the site with a new manufacturing facility to supply non-grain-oriented electrical steel to different sectors, including automotive and mobility.
The project is advancing to schedule and production is expected to begin in 2027, ArcelorMittal said.
ArcelorMittal's shares were up 1.7% in recent Wednesday trading.
Price: 30.75, Change: +0.49, Percent Change: +1.62
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