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ArcelorMittal (MT) and Vestas Team Up for Low-Carbon Steel
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ArcelorMittal S.A. (MT - Free Report) joined forces with Vestas, a key player in sustainable energy solutions, to introduce a low carbon-emissions steel solution that significantly reduces the lifetime carbon dioxide emissions associated with wind turbine tower production.
This innovative steel is crafted using 100% steel scrap melted in an electric arc furnace powered entirely by wind energy at ArcelorMittal's Industeel Charleroi steel mill in Belgium. The resulting steel slabs are then transformed into heavy plates at ArcelorMittal's heavy plate mill in Gijon, Spain.
These plates, constructed with XCarb recycled and renewably produced heavy plate steel, are initially suitable for onshore wind turbine towers and the upper sections of offshore wind turbine towers. The low carbon-emissions heavy plate steel comes with an Environmental Product Declaration (EPD), certified by an independent party, providing a comprehensive environmental footprint and facilitating product comparison. MT is the sole producer of low-carbon emissions heavy plate steel in large dimensions (up to 18 tons), minimizing the need for welding and associated CO2 emissions.
By integrating low carbon-emissions steel into the top two sections of offshore towers, emissions are reduced by 25% compared with towers made using conventional steelmaking methods. For an entire onshore tower, the CO2 reduction is at least 52%.
Recognizing that steel and iron comprise 80-90% of a wind turbine's material mass and contribute to nearly 50% of its total lifecycle emissions, Vestas aims to achieve a 66% reduction in emission intensity per kg of steel compared with conventional steelmaking.
While low carbon-emissions steel is not yet standard for Vestas, the first project utilizing this innovation will be the Baltic Power offshore wind farm off the coast of Poland. Vestas plans to commence construction in 2025, delivering up to 1.2 GW of clean electricity to more than 1.5 million households. Vestas will supply, install and commission 76 V236-15.0 MW wind turbines, with 52 of the towers made using low carbon-emissions steel.
Vestas underscores the partnership's crucial role with ArcelorMittal in mitigating CO2 emissions in the wind industry. The Baltic Power initiative, as the trailblazer for adopting low-emission steel, signifies substantial advancements in delivering value to customers and propelling the shift toward sustainable practices.
ArcelorMittal commends the partnership's dedication to employing low carbon-emissions steel with a European supply chain, highlighting the necessity of public policy support for such endeavors.
Baltic Power sees its project as a frontrunner in incorporating low-emission steel into offshore wind farms, representing a noteworthy stride toward a sustainable future in renewable energy. The company emphasizes its unwavering commitment to innovation and environmental stewardship, with the goal of reshaping Poland's energy landscape through project completion by 2026.
Shares of ArcelorMittal have lost 14.8% in the past year compared with an 11.7% rise of the industry.
Image Source: Zacks Investment Research
Zacks Rank & Key Picks
ArcelorMittal currently carries a Zacks Rank #3 (Hold).
Cameco has a projected earnings growth rate of 156% for the current year. The Zacks Consensus Estimate for CCJ’s current-year earnings has been revised upward by 6.7% in the past 60 days. The stock is up around 99% in a year.
The consensus estimate for CRS’s current fiscal year earnings is pegged at $3.96, indicating a year-over-year surge of 247.4%. CRS beat the Zacks Consensus Estimate in all of the last four quarters, with the average earnings surprise being 14.3%. The company’s shares have rallied 51.1% in the past year.
ANDE beat the Zacks Consensus Estimate in three of the last four quarters and missed one, with the average earnings surprise being 32.8%. The company’s shares have increased 45.6% in the past year.
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ArcelorMittal (MT) and Vestas Team Up for Low-Carbon Steel
ArcelorMittal S.A. (MT - Free Report) joined forces with Vestas, a key player in sustainable energy solutions, to introduce a low carbon-emissions steel solution that significantly reduces the lifetime carbon dioxide emissions associated with wind turbine tower production.
This innovative steel is crafted using 100% steel scrap melted in an electric arc furnace powered entirely by wind energy at ArcelorMittal's Industeel Charleroi steel mill in Belgium. The resulting steel slabs are then transformed into heavy plates at ArcelorMittal's heavy plate mill in Gijon, Spain.
These plates, constructed with XCarb recycled and renewably produced heavy plate steel, are initially suitable for onshore wind turbine towers and the upper sections of offshore wind turbine towers. The low carbon-emissions heavy plate steel comes with an Environmental Product Declaration (EPD), certified by an independent party, providing a comprehensive environmental footprint and facilitating product comparison. MT is the sole producer of low-carbon emissions heavy plate steel in large dimensions (up to 18 tons), minimizing the need for welding and associated CO2 emissions.
By integrating low carbon-emissions steel into the top two sections of offshore towers, emissions are reduced by 25% compared with towers made using conventional steelmaking methods. For an entire onshore tower, the CO2 reduction is at least 52%.
Recognizing that steel and iron comprise 80-90% of a wind turbine's material mass and contribute to nearly 50% of its total lifecycle emissions, Vestas aims to achieve a 66% reduction in emission intensity per kg of steel compared with conventional steelmaking.
ArcelorMittal Price and Consensus
ArcelorMittal price-consensus-chart | ArcelorMittal Quote
While low carbon-emissions steel is not yet standard for Vestas, the first project utilizing this innovation will be the Baltic Power offshore wind farm off the coast of Poland. Vestas plans to commence construction in 2025, delivering up to 1.2 GW of clean electricity to more than 1.5 million households. Vestas will supply, install and commission 76 V236-15.0 MW wind turbines, with 52 of the towers made using low carbon-emissions steel.
Vestas underscores the partnership's crucial role with ArcelorMittal in mitigating CO2 emissions in the wind industry. The Baltic Power initiative, as the trailblazer for adopting low-emission steel, signifies substantial advancements in delivering value to customers and propelling the shift toward sustainable practices.
ArcelorMittal commends the partnership's dedication to employing low carbon-emissions steel with a European supply chain, highlighting the necessity of public policy support for such endeavors.
Baltic Power sees its project as a frontrunner in incorporating low-emission steel into offshore wind farms, representing a noteworthy stride toward a sustainable future in renewable energy. The company emphasizes its unwavering commitment to innovation and environmental stewardship, with the goal of reshaping Poland's energy landscape through project completion by 2026.
Shares of ArcelorMittal have lost 14.8% in the past year compared with an 11.7% rise of the industry.
Image Source: Zacks Investment Research
Zacks Rank & Key Picks
ArcelorMittal currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the Basic Materials space are Cameco Corporation (CCJ - Free Report) , Carpenter Technology Corporation (CRS - Free Report) and The Andersons (ANDE - Free Report) , each sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Cameco has a projected earnings growth rate of 156% for the current year. The Zacks Consensus Estimate for CCJ’s current-year earnings has been revised upward by 6.7% in the past 60 days. The stock is up around 99% in a year.
The consensus estimate for CRS’s current fiscal year earnings is pegged at $3.96, indicating a year-over-year surge of 247.4%. CRS beat the Zacks Consensus Estimate in all of the last four quarters, with the average earnings surprise being 14.3%. The company’s shares have rallied 51.1% in the past year.
ANDE beat the Zacks Consensus Estimate in three of the last four quarters and missed one, with the average earnings surprise being 32.8%. The company’s shares have increased 45.6% in the past year.