ArcelorMittal Announces Renewable Energy Projects in India

ArcelorMittal S.A. MT announced three new renewable energy projects in India, expanding its portfolio. The projects are expected to increase MT’s renewable energy capacity in India by two-fold to 2 GW and also boost globally to 3.3GW. The three proposed projects will be located at Amaravati in Maharashtra, Bikaner in Rajasthan and Bachau in Gujarat.The Amaravati plant will have a solar capacity of 36MW, resulting in annual CO2 savings of 0.04 million tons. It is forecasted to be completed by the first half of 2027. The Bikaner plant, with a solar capacity of 400MW and battery energy storage of 500MW, will result in annual CO2 savings of 0.65 million tons. It will be completed by the early half of 2028.Lastly, the Bachau plant is planned to have 250MW wind and 300MW solar capacity, along with 300MWh integrated battery storage. The annual CO2 savings will be at 0.9 million tons with expected completion by the first half of 2028.The combined project cost is estimated at $0.9 billion. The power generated through these will be supplied to AMNS India, ArcelorMittal’s 60/40 Indian steelmaking joint venture with Nippon Steel. Alongside these three projects, AMNS India is also developing its own renewable energy project, which will be very similar to the proposed Bachau plant of MT.MT’s previous 1GW Indian renewables project, paired with the three new projects, will deliver total annual CO2 savings of 4 million tons and provide 35% of electricity requirements for AMNS India’s Hazira steelmaking operations. MT also has such projects in Brazil and Argentina through partnerships. Once operational, its Indian, Brazilian and Argentinian projects will provide a total of 3.3GW of electrical power generation.MT’s shares have gained 94.5% over the past year compared with the industry’s 45.2% rise.Image Source: Zacks Investment ResearchMT’s Zacks Rank & Key PicksMT currently carries a Zacks Rank #3 (Hold).Some better-ranked stocks in the Basic Materials space are Kinross Gold Corporation KGC, Fortuna Mining Corp. FSM and Equinox Gold Corp. EQX.At present, KGC sports a Zacks Rank #1 (Strong Buy), while FSM and EQX carry a Zacks Rank #2 (Buy) each. You can see the complete list of today’s Zacks #1 Rank stocks here.The Zacks Consensus Estimate for KGC’s current-year earnings is pegged at $1.67 per share, indicating a rise of 145.59%. Its earnings beat the Zacks Consensus Estimate in three of the trailing four quarters while missing once, with an average surprise of 17.37%. KGC’s shares have gained 212.8% over the past year.The Zacks Consensus Estimate for FSM’s current fiscal-year earnings is pinned at 76 cents per share, indicating a 65.22% year-over-year increase. Its shares have surged 133.5% over the past year.The Zacks Consensus Estimate for EQX’s current-year earnings stands at 54 cents per share, implying a 170% year-over-year increase. Its earnings beat the Zacks Consensus Estimate in two of the trailing four quarters and missed twice, with the average earnings surprise of 87%.Zacks Naming Top 10 Stocks for 2026Want to be tipped off early to our 10 top picks for the entirety of 2026? History suggests their performance could be sensational.From 2012 (when our Director of Research Sheraz Mian assumed responsibility for the portfolio) through November, 2025, the Zacks Top 10 Stocks gained +2,530.8%, more than QUADRUPLING the S&P 500’s +570.3%.Now Sheraz is combing through 4,400 companies to handpick the best 10 tickers to buy and hold in 2026. Don’t miss your chance to get in on these stocks when they’re released on January 5. Be First to New Top 10 Stocks >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report ArcelorMittal (MT): Free Stock Analysis Report Kinross Gold Corporation (KGC): Free Stock Analysis Report Fortuna Mining Corp. (FSM): Free Stock Analysis Report Equinox Gold Corp. (EQX): Free Stock Analysis ReportThis article originally published on Zacks Investment Research (zacks.com).Zacks Investment ResearchWeiter zum vollständigen Artikel bei Zacks Weiter zum vollständigen Artikel bei Zacks