JV to build one 554 MW wind power project

18 April 2023, 08th:00 CET

ArcelorMittal (“the Company”) announced today that its Brazilian entity, ArcelorMittal Brazil, will enter into a joint venture (“JV”) partnership with Casa dos Ventos, one of Brazil’s largest developers and producers of renewable energy projects, to to develop a 554 MW turbine wind power project. ArcelorMittal Brazil will hold a 55 percent stake in the JV, while Casa dos Ventos will hold the remaining 45 percent. The transaction was approved by the Brazilian antitrust authority CADE on April 13 and will be completed within the next 15 days.

The C. The $0.8 billion project aims to secure and decarbonize a significant portion of ArcelorMittal Brazil’s future electricity needs. It is estimated that by 2030 it will supply 38 percent of ArcelorMittal’s total electricity needs in Brazil. $0.15 billion.

Aditya Mittal, CEO of ArcelorMittal commented:

“The recent acquisition of CSP immediately strengthens our presence in the high-growth Brazilian market and provides us with exciting options for the future. As we expand our footprint and upgrade our Brazilian franchise, we recognize the responsibility we have to decarbonize our operations. From CBy working with a reputable energy transition operator in Casa dos Ventos, we can take advantage of the favorable Brazilian climate to generate renewable energy and achieve our climate goals faster.

“This project not only makes sense in terms of climate policy, but also makes sense financially and operationally. It reduces electricity costs and provides energy security for our Brazilian business and will deliver consistent, attractive long-term returns.”

Jefferson de Paula, President, ArcelorMittal Brazil, added:

“In addition to the recent acquisition of CSP, we have several downstream organic growth projects traveling The Expand the footprint and Improving our ability to produce higher value-added products….