0947 ET - Steelmaker ArcelorMittal says it intends to build a plant in Alabama to produce the paper-thin steel used in the motors of electric vehicles, air conditioners and other products. Construction of the $1.2-billion plant at ArcelorMittal's steel mill near Mobile, Ala., will start later this year. Production is projected to begin in 2027. The plant will be able to produce about 165,000 tons a year. Production of electric vehicles is expected to drive higher demand for electrical steel, which accounts for about 1% of the worldwide steel production annually with most of it now in Asia. The only U.S. producers of electrical steel are Cleveland-Cliffs and U.S. Steel, which recently began production in Arkansas. (robert.tita@wsj.com )
(END) Dow Jones Newswires
February 06, 2025 09:47 ET (14:47 GMT)
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