ArcelorMittal Announces 1GW Renewable Energy Projects in India
Written by Emily J. Thompson, Senior Investment Analyst
Updated: 1h ago
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Source: Globenewswire
- Renewable Energy Expansion: ArcelorMittal announces three new renewable energy projects in India totaling 1GW, which will double its renewable capacity in India to 2GW and increase its total global capacity to 3.3GW, significantly enhancing the company's market position in clean energy.
- Significant Emission Reductions: Upon completion, these projects are expected to save 4 million tonnes of CO2 annually, supporting AMNS India's steel production and meeting 35% of its electricity needs, thereby positioning the company to play a larger role in the global energy transition.
- Capital Investment Plan: The total capital expenditure for the three projects is anticipated to be $0.9 billion, indicating the company's balance between sustainability and economic viability, further solidifying its competitiveness in the global clean energy market.
- Strategic Development Partnerships: In addition to ArcelorMittal's projects, AMNS India is also developing a similar renewable energy project, demonstrating the company's long-term strategic positioning in the Indian market aimed at promoting sustainable steel production through green energy.
MT
$44.65+Infinity%1D
Analyst Views on MT
Wall Street analysts forecast MT stock price to fall over the next 12 months. According to Wall Street analysts, the average 1-year price target for MT is 39.00 USD with a low forecast of 39.00 USD and a high forecast of 39.00 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
2 Analyst Rating
0 Buy
2 Hold
0 Sell
Hold
Current: 45.000
Low
39.00
Averages
39.00
High
39.00
Current: 45.000
Low
39.00
Averages
39.00
High
39.00
About MT
ArcelorMittal SA is a Luxembourg-based holding company. The Company, via its subsidiaries, owns and operates steel, iron ore manufacturing and coal mining facilities in Europe, North and South America, Asia, and Africa. The Company is organized in five operating segments: NAFTA; Brazil; Europe; Africa and Commonwealth of Independent States (ACIS), and Mining. The NAFTA, Brazil, Europe, and ACIS segments produce flat, long, and tubular products including slabs, hot-rolled coil, cold-rolled coil, coated steel products, among others. The Mining segment provides steel operations and comprises all mines owned by the Company in the Americas, Europe, Africa, and countries of the Commonwealth of Independent States (CIS).
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
