Steel and mining company ArcelorMittal has announced that it will invest more than €300 million ($330 million) in a new electrical steel production unit at its Mardyck site in northern France.

The electrical steels are intended for the motors of EVs, hybrid vehicles and industrial machinery. The company says its electrical steels have high polarization that increases motor performance, as well as low energy losses and high yield strength to handle motor rotation.

“The new industrial unit in Mardyck will have a 200,000-ton production capacity and is scheduled to start up in 2024,” says the company.

ArcelorMittal has an existing electrical steel plant in the south of France at Saint-Chely d’Apcher.

The new unit received funding support from the French government. “This project will contribute to our goal of carbon neutrality in 2050, while allowing us to strengthen our steel production capacities,” said French Minister Delegate for Industry Agnès Pannier-Runacher.

Source: ArcelorMittal