In support of this clean energy project, ArcelorMittal Calvert has been awarded $280.5 million in investment tax credits from the U.S. Internal Revenue Service (IRS) as part of the Qualifying Advanced Energy Project Credit (48C) program, funded by the Inflation Reduction Act of 2022 (IRA). The 48C program, which provides a tax credit of up to 30% for investments in advanced energy projects, is designed to support secure and resilient domestic clean energy supply chains.

NOES plays a crucial role in the performance and efficiency of electric motors used to power battery electric vehicles, plug in hybrid electric vehicles and hybrid vehicles. The domestic capacity of high-end NOES is inadequate to meet the projected growth of electrified vehicles. This impedes the Administration's goal of achieving net-zero GHG emissions by 2050. This project would satisfy a crucial market need, addressing U.S. import dependency by expanding the domestic supply of NOES.

Plans at ArcelorMittal Calvert include an annealing pickling line, cold-rolling mill, annealing coating line, packaging and slitter line, and ancillary equipment needed for operations. The planned investment could create up to 260 permanent jobs and 1300 construction jobs during the project.

The NOES facility would be sited near ArcelorMittal’s existing joint venture. AM/NS Calvert is a state-of-the-art steel mill which includes a river terminal, hot strip mill, cold rolling mill, hot dip
galvanizing lines, rail yard, and supporting infrastructure. Construction of a new Electric Arc Furnace is underway.

ArcelorMittal Calvert is a wholly owned subsidiary of ArcelorMittal, one of the world’s leading integrated steel and mining companies with a presence in 60 countries and primary steelmaking operations in 15 countries. It is the largest steel producer in Europe, among the largest in the Americas, and has a growing presence in Asia through its joint venture AM/NS India. ArcelorMittal sells its products to a diverse range of customers including the automotive, engineering, construction and machinery industries, and in 2023 generated revenues of $68.3 billion, produced 58.1 million metric tonnes of crude steel, and 42.0 million tonnes of iron ore.

About ArcelorMittal

Our purpose is to produce smarter steels for people and planet. Steels made using innovative processes which use less energy, emit significantly less carbon and reduce costs. Steels that are cleaner, stronger and reusable. Steels for the renewable energy infrastructure that will support societies as they transform through this century. With steel at our core, our inventive people and an entrepreneurial culture at heart, we will support the world in making that change. ArcelorMittal is listed on the stock exchanges of New York (MT), Amsterdam (MT), Paris (MT), Luxembourg (MT) and on the Spanish stock exchanges of Barcelona, Bilbao, Madrid and Valencia (MTS).