Steel giant ArcelorMittal (MT - Analyst Report) has been acknowledged by the U.S. Department of Energy (DOE) for its leadership in the Better Buildings, Better Plants Programme. The program supports the Obama administration’s target of increasing energy productivity in the U.S. by 2030.
ArcelorMittal joined the program in Aug 2013 and is committed to reducing its energy intensity by 10% across 17 plants. The company remains optimistic about working with the department of energy and other partner companies to enhance its energy management efforts, thereby reducing greenhouse gas emissions, protecting the environment and improving the sustainability of its operations.
As part of the Better Buildings, Better Plants Programme, ArcelorMittal conducted an energy efficiency training program. Through it, the staff was given hands-on technical training to help find new opportunities for cutting energy use and saving money.
Energy is one of the most expensive factors in steel-making process with more than $200 billion spent on powering commercial buildings, and another $200 billion on expenses for power manufacturing facilities across the U.S. Thus, to ensure energy bill savings, President Obama introduced the Better Buildings challenge in 2011.
Furthermore, through the Better Plants Programme, the U.S. energy department is partnering with more than 120 manufacturers across the country. The energy department also recognized Alcoa Inc. (AA - Analyst Report) under the programme after ArcelorMittal.
ArcelorMittal, is expanding its steel-making capacity and raw materials self-sufficiency through a combination of brownfield growth, new greenfield projects and acquisition opportunities, mainly in emerging markets. The company is also highly focused on narrowing debt, lowering costs and improving efficiency. On the cost-saving front, ArcelorMittal is progressing with a new $3 billion cost optimization program that mostly focuses on variable cost reductions in its plants.
ArcelorMittal currently carries a Zacks Rank #3 (Hold).
Better-ranked companies in the steel and related industries include Companhia Siderurgica Nacional (SID) and United States Steel Corp. (X - Analyst Report) . While Companhia Siderurgica holds a Zacks Rank #1 (Strong Buy), United States Steel has a Zacks Rank #2 (Buy).