On April 14, ArcelorMittal and Austria's Voestalpine reached an agreement to acquire 80% stock of Voestalpine's Texas hot briquetted iron (HBI) plant. Voestalpine will own the remaining 20% stock.

Voestalpine's HBI plant in Texas has a designed annual output of 2 million tons. It is one of the largest HBI plants in the world.

The two companies also signed a long-term sales agreement that ArcelorMittal will supply Voestalpine’s Austria plants HBI with the same value quantity of Voestalpine’s shares.

ArcelorMittal said this cooperation helps improve their production capacity of electrical furnaces for high-quality steel materials and also makes them have a good location to deliver the goods and offer some available land.

Voestalpine said this cooperation makes them relieve their cash pressure and help them with monetary liabilities