Global steel giant ArcelorMittal has completed its acquisition of voestalpine's hot briquetted iron (HBI) plant near Corpus Christi, Texas. The steelmaker has an 80% shareholding in the business.

According to ArcelorMittal, the Corpus Christi operations are valued at US$1 billion. The plant is state-of-the-art and one of the largest of its kind in the world with an annual capacity of 2Mt of HBI. The product produced at the plant is described as a premium, compacted form of direct reduced iron (DRI) 'developed to overcome issues associated with shipping and handling DRI'.

ArcelorMittal has an 80% shareholding in the business – the acquisition was originally announced in April – and claims that the transaction enhances the its ability to produce the high-quality input materials needed for low-carbon emissions steelmaking; it also reinforces the company's position as a world leader in DRI production.

When it comes to decarbonisation, ArcelorMittal claims that it wants to lead the way globally and 'produce smarter steels that have a positive benefit for people and planet'.