ArcelorMittal’s longs steel plant in Bosnia will invest $54.4mn in its combined heat and power (CHP) plant in H2 2020.
According to media reports, the investment will entail the construction of a new CHP plant, by two local contractors. The new plant will replace its coal-powered facility with electricity, which will be carried to the steel mill. The firm plans to complete the project by January 2021.
The plant, which is operated by ArcelorMittal’s subsidiary Zenica, produces 1mn mt of long steel products in a year. ArcelorMittal Zenica posted a net loss of $7.24mn in the first half of 2020 and a 25pc decline in revenue during the same period to $45.4mn.