Creating a product that’s crucial for America’s energy needs has earned ArcelorMittal $280M in federal income tax credits for an additional plant in Calvert, near Mobile.
The company plans an advanced manufacturing plant capable of delivering 150,000 metric tons annually of non-grain-oriented electrical steel. The funds come from the Qualifying Advanced Energy Product Credit, which can fund up to 30% of a project that helps secure the domestic clean energy supply chain.
The company plans an annealing pickling line, cold-rolling mill, annealing coating line and other facilities, creating 1,300 construction jobs and 260 permanent jobs. It is to be built near the AM/NS Calvert plant, which includes a hot strip mill, cold rolling mill, hot dip galvanizing lines, river terminal and rail yard, with an electric arc furnace in progress.
The company notes that the specialty steel is especially useful in producing electric vehicles, which in turn help meet federal clean energy goals.
“We are extremely pleased to be selected by the IRS and DOE as a recipient of the 48C investment tax credits to produce electrical steels that will help our customers — particularly automotive OEMs — in their electrification journey, and to help reduce CO2 emissions in the environment. Expanding U.S. NOES production will support the goal of having 50% of all new vehicle sales be electric by 2030,” said John Brett, CEO, ArcelorMittal North America.
