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Constellium Ravenswood selected by US Department of Energy to receive $75 million investment to deploy low to zero carbon technology

PARIS, March 25, 2024 (GLOBE NEWSWIRE) -- Constellium SE (NYSE: CSTM) announced today that its facility located in Ravenswood, West Virginia, was selected by the U.S. Department of Energy (DOE) Office of Clean Energy Demonstrations to begin award negotiations for up to $75 million in Bipartisan Infrastructure Law and Inflation Reduction Act funding as part of the Industrial Demonstrations Program (IDP). This investment will help fund the implementation of breakthrough low-to-no emissions technologies in Constellium’s Ravenswood facility, supporting the decarbonization of the casthouses, the plant’s most energy intensive operation.

This investment will support the installation of low-emissions SmartMelt furnaces that can operate using a range of fuels, including clean hydrogen, paving the way towards a zero carbon casthouse. In addition to reducing carbon emissions, the project is expected to help maximize recycled scrap intake, and to improve worker safety with the introduction of a hands-free casting process. 

The project will also contribute to the local communities around Ravenswood with a dedicated budget to build a new training and wellness center for all employees and an onsite childcare, and to provide financial and technical resources for local schools and universities.

Built in 1957, with over 1,200 employees, Constellium’s plant in Ravenswood, West Virginia is one of the world’s largest aluminium rolled products facilities. The facility produces plate, sheet, and coil products for aerospace, defense, transportation, marine, and industrial uses.

“We are honored and proud to have been selected for this investment and express our gratitude to the Department of Energy for their support of Constellium and the aluminium industry”, said Jean-Marc Germain, CEO of Constellium. “Public investments such as the ones made through the Inflation Reduction Act are essential to accelerate the decarbonization of our industry, and we are looking forward to working with the DOE to promote a competitive and sustainable domestic aluminium industry.”

“Ravenswood’s aluminum industry started here in 1957 and helped drive the economy of this town for generations. But, as the people of this community know, it hasn’t always been smooth sailing”, said Senator Joe Manchin. “The people of West Virginia and Ravenswood have sacrificed for generations to provide the energy and raw materials our nation needed to become the greatest industrial might the world has ever seen. I am proud that this $75 million investment will continue that legacy and help to grow the aluminum industry in Ravenswood while bringing new economic opportunity to the entire Mountain State.”

“We are proud to partner with the federal government to accelerate zero-carbon technologies and reduce carbon emissions”, said Brian E. McCallie, Vice-President of Constellium Rolled Products Ravenswood. "This investment will not only support our facility in Ravenswood, a long-term supplier of the aerospace and defense industry, but also contribute to the community we proudly serve.”

Constellium Ravenswood will now enter negotiations on the specific terms of the investment, including operational milestones, and timing of access to funds throughout the life of the project, estimated to be approximately five years. The final details of the project investment are subject to these negotiations.

About Constellium

Constellium (NYSE: CSTM) is a global sector leader that develops innovative, value-added aluminium products for a broad scope of markets and applications, including aerospace, automotive and packaging. Constellium generated €7.2 billion of revenue in 2023.

Jason Hershiser – Investor RelationsDelphine Dahan-Kocher – Communications
Phone: +1 443 988 0600Phone: +1 443 420 7860
investor-relations@constellium.comdelphine.dahan-kocher@constellium.com
  

Forward-looking statements

Certain statements contained in this press release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. This press release may contain “forward-looking statements” with respect to our business, results of operations and financial condition, and our expectations or beliefs concerning future events and conditions. You can identify forward-looking statements because they contain words such as, but not limited to, “believes,” “expects,” “may,” “should,” “approximately,” “anticipates,” “estimates,” “intends,” “plans,” “targets,” likely,” “will,” “would,” “could” and similar expressions (or the negative of these terminologies or expressions). All forward-looking statements involve risks and uncertainties. Many risks and uncertainties are inherent in our industry and markets, while others are more specific to our business and operations. These risks and uncertainties include, but are not limited to: market competition; economic downturn; disruption to business operations; the Russian war on Ukraine and other geopolitical tensions; the inability to meet customer demand and quality requirements; the loss of key customers, suppliers or other business relationships; supply disruptions; excessive inflation; the capacity and effectiveness of our hedging policy activities; the loss of key employees; levels of indebtedness which could limit our operating flexibility and opportunities; and other risk factors set forth under the heading “Risk Factors” in our Annual Report on Form 20-F, and as described from time to time in subsequent reports filed with the U.S. Securities and Exchange Commission. The occurrence of the events described and the achievement of the expected results depend on many events, some or all of which are not predictable or within our control. Consequently, actual results may differ materially from the forward-looking statements contained in this press release. We undertake no obligation to update or revise any forward-looking statement as a result of new information, future events or otherwise, except as required by law.


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