We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
ArcelorMittal (MT) & Bamesa Team Up for Low-Carbon Projects
Read MoreHide Full Article
ArcelorMittal S.A. (MT - Free Report) announced that ArcelorMittal Europe and Bamesa have entered into a Memorandum of Understanding (MoU) to enhance their joint efforts to decrease CO2 emissions and leverage XCarb solutions. The MoU was signed on Mar 29 at Bamesa’s headquarters located in Barcelona, Spain.
This MoU centers on the collaboration between two companies to explore strategies for decreasing scope 3 emissions, which are linked to purchased steel. It also focuses on ways to advance and assess the utilization of recycled steel in products with low-carbon emissions. Additionally, it helps both companies to boost the proportion of XCarb products utilized in the coil supply chain every year from 2024 to 2030.
This agreement will help Bamesa, a prominent player in the steel service center industry, to fulfill its strategic objective to become a leading force in the environmental transformation of the industry while simultaneously offering sustainable solutions to its consumers.
ArcelorMittal stated that this agreement will enhance its joint efforts toward sustainability initiatives. Its collaboration with customers is pivotal in attaining its objective of curtailing CO2 emissions by 35% in Europe by 2030, and ultimately achieve its goal of net-zero emissions by 2050.
Shares of ArcelorMittal have lost 4% over the past year compared with a 2.5% rise recorded by its industry.
Image Source: Zacks Investment Research
The company, on its fourth-quarter call, stated that it is expecting demand conditions to improve as customer destocking has peaked. The company sees world apparent steel consumption, excluding China, to recover by 2-3% year over year in 2023.
ArcelorMittal also expects its steel shipments to grow by roughly 5% year over year in 2023. While real consumption growth is anticipated to remain dull in the United States, the expected end of destocking is predicted to lead to a rise in apparent consumption by 1.5-3.5% in 2023.
The company projects a modest decline in real demand this year in Europe. However, it expects apparent demand to recover by 0.5-2.5% in 2023.
The company also expects a strong recovery in economic growth in China in 2023 as COVID-19 restrictions are being lifted. However, factoring in the sustained softness in real estate during the year, it projects steel consumption to stabilize in 2023 (+1% to -1%) with potential upside dependent on China government’s infrastructure stimulus.
Olympic Steel’s shares have gained 49.8% in the past year. The Zacks Consensus Estimate for ZEUS’ current-year earnings has been revised 33.1% upward in the past 60 days. It topped the Zacks Consensus Estimate in all the last four quarters. It delivered a trailing four-quarter earnings surprise of 26.2% on average.
Steel Dynamic’s shares have gained 37.1% in the past year. The Zacks Consensus Estimate for STLD’s current-year earnings has been revised 31% upward in the past 60 days. It topped the Zacks Consensus Estimate in all the last four quarters. It delivered a trailing four-quarter earnings surprise of 11.3% on average.
Linde’s shares have gained 11.3% in the past year. The company has an earnings growth rate of 8.1% for the current year. The Zacks Consensus Estimate for LIN’s current-year earnings has been revised 2.5% upward in the past 60 days.
LIN topped the Zacks Consensus Estimate in all the last four quarters. It delivered a trailing four-quarter earnings surprise of 6% on average.
See More Zacks Research for These Tickers
Normally $25 each - click below to receive one report FREE:
Image: Bigstock
ArcelorMittal (MT) & Bamesa Team Up for Low-Carbon Projects
ArcelorMittal S.A. (MT - Free Report) announced that ArcelorMittal Europe and Bamesa have entered into a Memorandum of Understanding (MoU) to enhance their joint efforts to decrease CO2 emissions and leverage XCarb solutions. The MoU was signed on Mar 29 at Bamesa’s headquarters located in Barcelona, Spain.
This MoU centers on the collaboration between two companies to explore strategies for decreasing scope 3 emissions, which are linked to purchased steel. It also focuses on ways to advance and assess the utilization of recycled steel in products with low-carbon emissions. Additionally, it helps both companies to boost the proportion of XCarb products utilized in the coil supply chain every year from 2024 to 2030.
This agreement will help Bamesa, a prominent player in the steel service center industry, to fulfill its strategic objective to become a leading force in the environmental transformation of the industry while simultaneously offering sustainable solutions to its consumers.
ArcelorMittal stated that this agreement will enhance its joint efforts toward sustainability initiatives. Its collaboration with customers is pivotal in attaining its objective of curtailing CO2 emissions by 35% in Europe by 2030, and ultimately achieve its goal of net-zero emissions by 2050.
Shares of ArcelorMittal have lost 4% over the past year compared with a 2.5% rise recorded by its industry.
Image Source: Zacks Investment Research
The company, on its fourth-quarter call, stated that it is expecting demand conditions to improve as customer destocking has peaked. The company sees world apparent steel consumption, excluding China, to recover by 2-3% year over year in 2023.
ArcelorMittal also expects its steel shipments to grow by roughly 5% year over year in 2023. While real consumption growth is anticipated to remain dull in the United States, the expected end of destocking is predicted to lead to a rise in apparent consumption by 1.5-3.5% in 2023.
The company projects a modest decline in real demand this year in Europe. However, it expects apparent demand to recover by 0.5-2.5% in 2023.
The company also expects a strong recovery in economic growth in China in 2023 as COVID-19 restrictions are being lifted. However, factoring in the sustained softness in real estate during the year, it projects steel consumption to stabilize in 2023 (+1% to -1%) with potential upside dependent on China government’s infrastructure stimulus.
ArcelorMittal Price and Consensus
ArcelorMittal price-consensus-chart | ArcelorMittal Quote
Zacks Rank & Key Picks
ArcelorMittal currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the basic materials space are Olympic Steel, Inc. (ZEUS - Free Report) , Steel Dynamics, Inc. (STLD - Free Report) and Linde plc (LIN - Free Report) . LIN currently carries a Zacks Rank #2 (Buy), while ZEUS and STLD sport a Zacks Rank #1(Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Olympic Steel’s shares have gained 49.8% in the past year. The Zacks Consensus Estimate for ZEUS’ current-year earnings has been revised 33.1% upward in the past 60 days. It topped the Zacks Consensus Estimate in all the last four quarters. It delivered a trailing four-quarter earnings surprise of 26.2% on average.
Steel Dynamic’s shares have gained 37.1% in the past year. The Zacks Consensus Estimate for STLD’s current-year earnings has been revised 31% upward in the past 60 days. It topped the Zacks Consensus Estimate in all the last four quarters. It delivered a trailing four-quarter earnings surprise of 11.3% on average.
Linde’s shares have gained 11.3% in the past year. The company has an earnings growth rate of 8.1% for the current year. The Zacks Consensus Estimate for LIN’s current-year earnings has been revised 2.5% upward in the past 60 days.
LIN topped the Zacks Consensus Estimate in all the last four quarters. It delivered a trailing four-quarter earnings surprise of 6% on average.