ArcelorMittal has completed the acquisition of Nippon Steel Corporation’s interest in AM/NS Calvert, now renamed ArcelorMittal Calvert. The facility was initially acquired by ArcelorMittal and NSC in 2014 from ThyssenKrupp for $1.55 billion and originally built at a cost of approximately $5 billion. It began operations in 2010 with a flat rolled steel capacity of 5.3 million metric tonnes annually.
Since its acquisition, over $2 billion has been invested to improve operational efficiency and enhance product offerings to the U.S. automotive and energy markets. These investments include additional slab bays, cranes, a logistics center, capability enhancements to coating lines, and a new steelmaking facility capable of producing 1.5 million metric tonnes of low CO2 steel annually.
The new steelmaking facility is integrated with ArcelorMittal’s HBI facility in Texas, allowing Calvert to supply lower CO2 embodied steel for automotive customers. A seven-year domestic slab supply agreement with NSC has also commenced.
In February 2025, ArcelorMittal announced plans to invest $1.2 billion in constructing an advanced non-grain-oriented electrical steel (NOES) manufacturing facility at the Calvert site. This project aims to produce up to 150,000 metric tonnes of NOES annually by 2027.
ArcelorMittal CEO Aditya Mittal stated: “ArcelorMittal has a long and proud history in the United States… We are delighted to be further enhancing our presence… I remember clearly the first time I visited the facility… Since that time, we have invested considerably… Most importantly, I want to thank all our great people at Calvert for their absolute commitment…”
John Brett, CEO of ArcelorMittal North America added: “Certainly, we know the Calvert asset extremely well… Our vision is to establish an ArcelorMittal manufacturing center of excellence in Calvert with safety always the first priority… The US is well positioned to have a strong and revitalized future…”
Financially, AM/NS Calvert generated EBITDA of $614 million in FY 2024. Following this transaction, ArcelorMittal’s net debt is expected to increase by about $1.3 billion. The company anticipates recording an exceptional gain of around $1.5 billion in its Q2 2025 results.
The document also contains forward-looking statements regarding future operations and financial projections which are subject to risks and uncertainties as outlined by regulatory filings.
