Voestalpine sells 80% stake in Texas HBI plant to ArcelorMittal

ArcelorMittal and Austrian Voestalpine have reached an agreement to acquire an 80% stake in Voestalpine's hot briquetted iron (HBI) plant in Texas. Voestalpine will own the remaining 20% ​​stake.

Voestalpine's HBI plant in Texas has a design annual capacity of 2 million tonnes. This is one of the largest HBI plants in the world.

The two companies also signed a long-term sale agreement under which ArcelorMittal will supply Voestalpine's Austrian plants with the same amount of HBI as Voestalpine's shares.

ArcelorMittal said the collaboration helps improve their electric furnace production capacity for high-quality steel materials, as well as giving them a good place to ship goods and offering some of the available land.

Voestalpine stated that this cooperation helps them alleviate financial difficulties and help with financial obligations.