ArcelorMittal(MT) ZACKS· ZACKS·2024-09-26 16:41Investment and Collaboration - ArcelorMittal S.A. announced a 53 million Series C funding round, led by Ontario Power Generation [1] - A collaboration agreement was established to expedite the adoption of Utility Global's technology, including plans for pilot projects at ArcelorMittal facilities [2] Technology and Innovation - Utility Global developed a patented reactor that processes variable industrial gases into high-purity hydrogen and a concentrated CO2 stream, which can replace natural gas in steelmaking [1] - The concentrated CO2 stream aids in cost-effective carbon capture and storage, essential for reducing emissions in the steel industry [1] - The XCarb Innovation Fund emphasizes the need for cost-effective and scalable solutions for decarbonizing hard-to-abate sectors like steel, with Utility Global's eXERO technology meeting these criteria [2] Market Performance - ArcelorMittal's stock has increased by 1.1% over the past year, contrasting with a 6.4% decline in the industry [3] - The company currently holds a Zacks Rank of 3 (Hold) [4] Comparisons with Peers - IAMGOLD Corporation, Eldorado Gold Corporation, and Carpenter Technology Corporation are better-ranked stocks in the Basic Materials space, each holding a Zacks Rank of 1 (Strong Buy) [4] - IAMGOLD's current-year earnings estimate is 41 cents per share, reflecting a 355.6% increase year-over-year, with a stock surge of nearly 165.7% in the past year [5] - Eldorado Gold's earnings estimate is 6.09 per share, showing a 28.5% year-over-year rise, with a stock increase of nearly 135.9% [5]