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MT recently signed a memorandum of understanding with
the energy company, RWE
. The companies will work together to develop, build and operate offshore wind farms and hydrogen facilities to supply the renewable energy and green hydrogen required to produce low-emissions steel in Germany.ArcelorMittal Germany needs renewable energy on a large scale to decarbonize its production sites in Bremen, Hamburg, Eisenhuttenstadt and Duisburg as planned.RWE and ArcelorMittal are exploring options for combined participation in tenders for offshore wind farm sites in the North Sea. The amendment of the "Wind Energy at Sea Act" (WindSeeG) currently under way is key for success, as it will permanently shape the cost structure in the German offshore wind sector.The companies will work together on developing green hydrogen by collectively looking for areas where electrolysis plants can be built to supply the steel production sites in Bremen and Eisenhuttenstadt.RWE and ArcelorMittal plan to conclude long-term purchase agreements for wind power and green hydrogen. With RWE’s expertise in offshore wind farms and electrolyzers and ArcelorMittal as a guaranteed buyer of green electricity and hydrogen, the two companies would have opportunities for a viable partnership arrangement.Shares of ArcelorMittal have declined 22.3% in the past year compared with the 19.4% decline of the industry.Image Source: Zacks Investment ResearchThe company, in its last earnings call, said that it now envisions global apparent steel consumption to decline slightly by up to 1% in 2022, compared with the previous guidance of an increase up to 1%. The longer-term fundamental outlook for steel is positive. China is also focusing on decarbonization and removing VAT rebates on steel exports. Actions taken by governments to protect against the threats of unfair trade are also encouraging.ArcelorMittal Price and Consensus ArcelorMittal price-consensus-chart | ArcelorMittal Quote Zacks Rank & Key PicksArcelorMittal currently carries a Zacks Rank #3 (Hold).Some better-ranked stocks in the basic materials space are Allegheny Technologies Inc. ATI, Cabot Corporation CBT and Nutrien Ltd. NTR.Allegheny has a projected earnings growth rate of 1,076.9% for the current year. The Zacks Consensus Estimate for ATI's current-year earnings has been revised 40.4% upward in the past 60 days.Allegheny’s earnings beat the Zacks Consensus Estimate in the last four quarters. It has a trailing four-quarter earnings surprise of roughly 128.9%, on average. ATI has gained around 15% in a year and currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.Cabot, currently carrying a Zacks Rank #2, has an expected earnings growth rate of 22.5% for the current year. The Zacks Consensus Estimate for CBT's earnings for the current year has been revised 6% upward in the past 60 days.Cabot’s earnings beat the Zacks Consensus Estimate in each of the trailing four quarters, the average being 16.2%. CBT has gained around 16.7% over a year.Nutrien has a projected earnings growth rate of 174.6% for the current year. The Zacks Consensus Estimate for NTR’s current-year earnings has been revised 30.7% upward in the past 60 days.Nutrien’s earnings beat the Zacks Consensus Estimate in three of the trailing four quarters, the average being 5.8%. NTR has gained 41.1% in a year. The company flaunts a Zacks Rank #1.5 Stocks Set to Double Each was handpicked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2021. Previous recommendations have soared +143.0%, +175.9%, +498.3% and +673.0%.Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor.Today, See These 5 Potential Home Runs >>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 Allegheny Technologies Incorporated (ATI): Free Stock Analysis Report Cabot Corporation (CBT): Free Stock Analysis Report Nutrien Ltd. (NTR): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment ResearchWeiter zum vollständigen Artikel bei "Zacks"
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