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U.S. Steel (X) & CarbonFree Partner on Carbon Capture Project
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United States Steel Corporation (X - Free Report) and CarbonFree, a prominent carbon capture technology firm, recently inked a groundbreaking deal aimed at capturing carbon emissions from U.S. Steel’s Gary Works Blast Furnaces. This pioneering project will utilize CarbonFree’s innovative SkyCycle technology to capture and convert up to 50,000 metric tons of carbon dioxide annually.
To put this into perspective, it's equivalent to the emissions produced by nearly 12,000 passenger cars every year. The project marks a major step toward U.S. Steel's commitment to reducing greenhouse gas emissions intensity by 20% by 2030 and achieving net-zero emissions by 2050.
This initiative aligns perfectly with the company’s mission to meet the growing demand for low-emission products, such as verdeX advanced sustainable steel, while simultaneously addressing environmental concerns. The implementation of the SkyCycle project also underscores U.S. Steel's dedication to exploring scalable solutions for future emission reduction across its operations.
Construction of the SkyCycle plant within the U.S. Steel Gary Works facility is slated to commence as early as summer 2024, with operations expected to kick off in 2026. The agreement between the two entities spans 20 years from the plant's operational start date.
United States Steel Corporation Price and Consensus
CarbonFree's proprietary SkyCycle technology is designed to capture carbon emissions from challenging industrial sources and convert them into a carbon-neutral form of calcium carbonate. This calcium carbonate finds application in various industries, including paper, plastics, personal care, paints and construction materials. It offers manufacturers the opportunity to reduce Scope 3 emissions and contributes to the decarbonization of global supply chains.
CarbonFree praised U.S. Steel's proactive stance on managing carbon emissions, commending the company's leadership in the field. It reiterated its dedication to advancing profitable carbon capture utilization through innovative chemical manufacturing, utilizing waste carbon dioxide as a primary resource.
The partnership between U.S. Steel and CarbonFree aims to revolutionize steel manufacturing by harnessing cutting-edge carbon capture technologies to mitigate emissions and environmental impact. This collaboration is poised to empower U.S. Steel to offer steel products with significantly reduced carbon footprints, serving diverse industries such as automotive, appliances and packaging.
CarbonFree will incorporate slag from the blast furnace operation into the calcium carbonate production process, underscoring sustainability and resource efficiency.
U.S. Steel reaffirmed its commitment to sustainability and innovation, citing this project as a prime example of steel's role in fostering a more sustainable future. It expressed confidence in the long-term benefits this initiative will deliver to the community.
The U.S. Steel’s shares have rallied 62.2% in the past year compared with the industry’s 19.6% rise.
Image Source: Zacks Investment Research
U.S. Steel, last month, provided guidance for the first quarter of 2024, anticipating adjusted net earnings per share between 80 cents and 84 cents and adjusted EBITDA of nearly $425 million.
Zacks Rank & Key Picks
U.S. Steel currently carries a Zacks Rank #3 (Hold).
The consensus estimate for CRS’ current fiscal year earnings is pegged at $4 per share, indicating a year-over-year surge of 250.9%. CRS beat on earnings in each of the last four quarters, delivering an average surprise of 12.2%. The company’s shares have surged 84.6% in the past year.
Ecolab has a projected earnings growth rate of 22.65% for the current year. The Zacks Consensus Estimate for ECL’s current-year earnings has been revised upward by 5.4% in the past 60 days. ECL beat on earnings in each of the last four quarters, delivering an average surprise of 1.7%. The company’s shares have rallied 37.2% in the past year.
The consensus estimate for IOSP’s current fiscal year earnings is pegged at $6.72 per share, indicating a 10.3% year-over-year increase. IOSP beat on earnings in each of the last four quarters, delivering an average surprise of 10.5%. The company’s shares have risen 18.1% in the past year.
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U.S. Steel (X) & CarbonFree Partner on Carbon Capture Project
United States Steel Corporation (X - Free Report) and CarbonFree, a prominent carbon capture technology firm, recently inked a groundbreaking deal aimed at capturing carbon emissions from U.S. Steel’s Gary Works Blast Furnaces. This pioneering project will utilize CarbonFree’s innovative SkyCycle technology to capture and convert up to 50,000 metric tons of carbon dioxide annually.
To put this into perspective, it's equivalent to the emissions produced by nearly 12,000 passenger cars every year. The project marks a major step toward U.S. Steel's commitment to reducing greenhouse gas emissions intensity by 20% by 2030 and achieving net-zero emissions by 2050.
This initiative aligns perfectly with the company’s mission to meet the growing demand for low-emission products, such as verdeX advanced sustainable steel, while simultaneously addressing environmental concerns. The implementation of the SkyCycle project also underscores U.S. Steel's dedication to exploring scalable solutions for future emission reduction across its operations.
Construction of the SkyCycle plant within the U.S. Steel Gary Works facility is slated to commence as early as summer 2024, with operations expected to kick off in 2026. The agreement between the two entities spans 20 years from the plant's operational start date.
United States Steel Corporation Price and Consensus
United States Steel Corporation price-consensus-chart | United States Steel Corporation Quote
CarbonFree's proprietary SkyCycle technology is designed to capture carbon emissions from challenging industrial sources and convert them into a carbon-neutral form of calcium carbonate. This calcium carbonate finds application in various industries, including paper, plastics, personal care, paints and construction materials. It offers manufacturers the opportunity to reduce Scope 3 emissions and contributes to the decarbonization of global supply chains.
CarbonFree praised U.S. Steel's proactive stance on managing carbon emissions, commending the company's leadership in the field. It reiterated its dedication to advancing profitable carbon capture utilization through innovative chemical manufacturing, utilizing waste carbon dioxide as a primary resource.
The partnership between U.S. Steel and CarbonFree aims to revolutionize steel manufacturing by harnessing cutting-edge carbon capture technologies to mitigate emissions and environmental impact. This collaboration is poised to empower U.S. Steel to offer steel products with significantly reduced carbon footprints, serving diverse industries such as automotive, appliances and packaging.
CarbonFree will incorporate slag from the blast furnace operation into the calcium carbonate production process, underscoring sustainability and resource efficiency.
U.S. Steel reaffirmed its commitment to sustainability and innovation, citing this project as a prime example of steel's role in fostering a more sustainable future. It expressed confidence in the long-term benefits this initiative will deliver to the community.
The U.S. Steel’s shares have rallied 62.2% in the past year compared with the industry’s 19.6% rise.
Image Source: Zacks Investment Research
U.S. Steel, last month, provided guidance for the first quarter of 2024, anticipating adjusted net earnings per share between 80 cents and 84 cents and adjusted EBITDA of nearly $425 million.
Zacks Rank & Key Picks
U.S. Steel currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the Basic Materials space are Carpenter Technology Corporation (CRS - Free Report) and Ecolab Inc. (ECL - Free Report) , each sporting a Zacks Rank #1 (Strong Buy), and Innospec Inc. (IOSP - Free Report) , carrying a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
The consensus estimate for CRS’ current fiscal year earnings is pegged at $4 per share, indicating a year-over-year surge of 250.9%. CRS beat on earnings in each of the last four quarters, delivering an average surprise of 12.2%. The company’s shares have surged 84.6% in the past year.
Ecolab has a projected earnings growth rate of 22.65% for the current year. The Zacks Consensus Estimate for ECL’s current-year earnings has been revised upward by 5.4% in the past 60 days. ECL beat on earnings in each of the last four quarters, delivering an average surprise of 1.7%. The company’s shares have rallied 37.2% in the past year.
The consensus estimate for IOSP’s current fiscal year earnings is pegged at $6.72 per share, indicating a 10.3% year-over-year increase. IOSP beat on earnings in each of the last four quarters, delivering an average surprise of 10.5%. The company’s shares have risen 18.1% in the past year.