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ArcelorMittal's (MT) Vega Unit to Restart Expansion Project
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ArcelorMittal (MT - Free Report) Brazil is set to restart the $330 million expansion project at ArcelorMittal Vega, flat steel cold rolling, pickling and galvanizing unit located in Sao Francisco do Sul (state of Santa Catarina).
The investment will facilitate the company for the production of cold rolled and galvanized products through the construction of a new continuous annealing line, and a third galvanization line. The unit’s capacity is set to increase by 700,000 tons to 2.1 million tons per year. The company is expected to start the production in 2021.
The expansion will allow the Vega unit to boost production for the construction, automotive and home appliances sectors, allowing ArcelorMittal to meet the market expectations, and provide high strength and quality steel products.
As a result of the investment ArcelorMittal is expected to achieve sustainable growth in Brazil and Latin America.
ArcelorMittal has outperformed the industry in a year’s time. While shares of the company have moved up around 9.5%, the industry rose 8%.
Per ArcelorMittal, market conditions are favorable and demand environment continues to be positive along with healthy steel spreads. The company now expects global apparent steel consumption (ASC) to grow 2-3% in 2018, up from the previous expectation of 1.5-2.5%.
The company now expects ASC to rise 5.5-6.5% in Brazil compared with its earlier expectation of 6.5%-7.5%, reflecting the impacts of the nationwide truck strike and cautious outlook ahead of the elections.
Currently, ArcelorMittal is a Zacks Rank #2 (Buy) stock.
Some other top-ranked companies in the basic materials space are Huntsman Corporation (HUN - Free Report) , Air Products and Chemicals, Inc. (APD - Free Report) and LyondellBasell Industries N.V. (LYB - Free Report) .
Air Products has an expected long-term earnings growth rate of 16.1% and a Zacks Rank #2. Its shares have gained 13% in a year’s time.
LyondellBasell has an expected long-term earnings growth rate of 9.5% and carries a Zacks Rank #2. The stock has rallied 28.2% in a year.
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ArcelorMittal's (MT) Vega Unit to Restart Expansion Project
ArcelorMittal (MT - Free Report) Brazil is set to restart the $330 million expansion project at ArcelorMittal Vega, flat steel cold rolling, pickling and galvanizing unit located in Sao Francisco do Sul (state of Santa Catarina).
The investment will facilitate the company for the production of cold rolled and galvanized products through the construction of a new continuous annealing line, and a third galvanization line. The unit’s capacity is set to increase by 700,000 tons to 2.1 million tons per year. The company is expected to start the production in 2021.
The expansion will allow the Vega unit to boost production for the construction, automotive and home appliances sectors, allowing ArcelorMittal to meet the market expectations, and provide high strength and quality steel products.
As a result of the investment ArcelorMittal is expected to achieve sustainable growth in Brazil and Latin America.
ArcelorMittal has outperformed the industry in a year’s time. While shares of the company have moved up around 9.5%, the industry rose 8%.
Per ArcelorMittal, market conditions are favorable and demand environment continues to be positive along with healthy steel spreads. The company now expects global apparent steel consumption (ASC) to grow 2-3% in 2018, up from the previous expectation of 1.5-2.5%.
The company now expects ASC to rise 5.5-6.5% in Brazil compared with its earlier expectation of 6.5%-7.5%, reflecting the impacts of the nationwide truck strike and cautious outlook ahead of the elections.
ArcelorMittal Price and Consensus
ArcelorMittal Price and Consensus | ArcelorMittal Quote
Zacks Rank & Other Stocks to Consider
Currently, ArcelorMittal is a Zacks Rank #2 (Buy) stock.
Some other top-ranked companies in the basic materials space are Huntsman Corporation (HUN - Free Report) , Air Products and Chemicals, Inc. (APD - Free Report) and LyondellBasell Industries N.V. (LYB - Free Report) .
Huntsman has an expected long-term earnings growth rate of 8.5% and a Zacks Rank #1 (Strong Buy). The company’s shares have rallied 24% in the past year. You can see the complete list of today’s Zacks #1 Rank stocks here.
Air Products has an expected long-term earnings growth rate of 16.1% and a Zacks Rank #2. Its shares have gained 13% in a year’s time.
LyondellBasell has an expected long-term earnings growth rate of 9.5% and carries a Zacks Rank #2. The stock has rallied 28.2% in a year.
Will You Make a Fortune on the Shift to Electric Cars?
Here's another stock idea to consider. Much like petroleum 150 years ago, lithium power may soon shake the world, creating millionaires and reshaping geo-politics. Soon electric vehicles (EVs) may be cheaper than gas guzzlers. Some are already reaching 265 miles on a single charge.
With battery prices plummeting and charging stations set to multiply, one company stands out as the #1 stock to buy according to Zacks research. It's not the one you think.
See This Ticker Free >>