ArcelorMittal steps back from planned JV with SigmaRoc

(Sharecast News) - SigmaRoc said Tuesday that ArcelorMittal has decided to step back from their planned joint venture to develop net-zero carbon dioxide lime kilns in Dunkirk, citing concerns over the timely execution of the project.

The AIM-traded construction materials group announced in 2022 that it would partner with the steelmaker on the AMeLi project to build three new green lime kilns, adding to its existing network of around 70 kilns.

It said in an update on Tuesday that ArcelorMittal had raised "material concerns as to the timely execution of the project, including obtaining the necessary French building permits".

SigmaRoc noted it had so far only provided minimal funding to advance planning approvals for the project, which had not been expected to start before the third quarter of 2027.

It added that the decision would have no material impact on its near-term financial forecasts, medium-term targets or decarbonisation ambitions.

The company reiterated that its board's expectations for the year remained unchanged and in line with consensus, including its commitment to deliver planned synergies across the group before 2027.

At 1052 BST, shares in SigmaRoc were flat at 124.4p.

Reporting by Josh White for Sharecast.com.

Sigmaroc.