ArcelorMittal completed the acquisition of an 80% shareholding in voestalpine’s hot briquetted iron (HBI) plant located near Corpus Christi, Texas. The acquisition, announced in April 2022, values the Corpus Christi operations at $1 billion. The facility is one of the largest of its kind in the world. It has an annual capacity of 2 million metric tons of HBI, which is a premium, compacted form of direct reduced iron (DRI) developed to overcome issues associated with shipping and handling DRI. The transaction enhances ArcelorMittal’s ability to produce the high-quality input materials required for low-carbon emissions steelmaking and reinforces the company’s position as a world leader in DRI production.