By Ed Frankl
ArcelorMittal said Thursday that it would invest more than 300 million euros ($331 million) in France with government support to create a new production unit for electrical steels.
The new production unit at ArcelorMittal's site in Mardyck, in the north of the country, will specialize in the production of electrical steels for the engines of electric vehicles, the steelmaker said.
The unit, which complements ArcelorMittal's existing electrical-steel plant in Saint-Chely d'Apcher, in the south of France, will have a 200,000-ton production capacity and is scheduled to start up in 2024, it said.
The financial contributions of ArcelorMittal and the French state were not disclosed.
Write to Ed Frankl at firstname.lastname@example.org
(END) Dow Jones Newswires
March 17, 2022 07:05 ET (11:05 GMT)Copyright (c) 2022 Dow Jones & Company, Inc.