02:04 PM EDT, 06/18/2025 (MT Newswires) -- ArcelorMittal ( MT ) said Wednesday it completed the acquisition of Nippon Steel's 50% stake in the AM/NS Calvert joint venture after the Japanese steelmaker completed its purchase of US Steel (X).

ArcelorMittal ( MT ) paid $1 for the stake, while Nippon provided cash and forgave partner loans amounting to an estimated $900 million as previously agreed between both sides.

ArcelorMittal ( MT ) said it had renamed the facility to ArcelorMittal Calvert and expects to record an exceptional gain of approximately $1.5 billion in its Q2 results.

The company previously said it would invest $1.2 billion to expand the site with a new manufacturing facility to supply non-grain-oriented electrical steel to different sectors, including automotive and mobility.

The project is advancing to schedule and production is expected to begin in 2027, ArcelorMittal ( MT ) said.

ArcelorMittal's ( MT ) shares were up 1.7% in recent Wednesday trading.

Price: 30.75, Change: +0.49, Percent Change: +1.62