ArcelorMittal to invest over Eur300 million at French site

Steelmaker ArcelorMittal will invest more than Eur300 million ($332 million) to build a new production unit, with the support of the French government, at the company’s Mardyck site in northern France, the company said March 17.

The investment will specialize in the production of electrical steels used in electric motors, including for industrial machinery, and for electric and hybrid vehicles in particular, the company said.

The new industrial unit will have a 200,000 mt production capacity and is scheduled to start up in 2024, it said.

The company said its electrical steels will contribute to achieving the EU’s goals on the reduction of CO2 emissions from mobility. This project is supported by the French government as part of France 2030, it said.

“This major investment decision comes one month after the announcement of the steel decarbonization project in Dunkirk and Fos, to which the prime minister gave the state’s support,” French Minister Delegate for Industry, Agnès Pannier-Runacher, said in a statement.

“This project will contribute to our goal of carbon neutrality in 2050, while allowing us to strengthen our steel production capacities. It is another example of our industrial renaissance thanks to the policy of the President of the Republic.”

— Filip Warwick