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U.S. Steel (X) Breaks Ground on $3B Steel Mill in Arkansas
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United States Steel Corporation (X - Free Report) recently laid the foundation of its $3-billion steelmaking facility in Osceola, AR. This next-generation, highly sustainable and state-of-the-art steel mill is anticipated to be the most advanced in North America and the largest private project in the history of Arkansas.
The new plant is being constructed adjacent to U.S. Steel’s Big River Steel. Also, the two sites will be known as Big River Steel Works. The new facility is expected to create 900 plant jobs in the area along with thousands of construction jobs. The company expects the mill to be completed and in full operation by 2024. Upon completion, the mill will apply to become LEED certified.
The new optimized steel facility will have two electric arc furnaces (EAFs) with 3 million tons of steelmaking capability a year. It will also have innovative endless casting and rolling lines and advanced finishing capabilities. This first use of endless casting and rolling technology in the United States will significantly boost the company’s energy efficiency as well as overall operational efficiency and capability.
U.S. Steel is highly thrilled about this project. With this transformative investment, the Pittsburgh-based steelmaker has taken another significant step forward in becoming the steel company of the future. The latest facility will amalgamate cutting-edge technology to build a steel mill that delivers profitable, sustainable solutions for customers.
Arkansas government is equally optimistic about this project. The project, announced last month, will be the largest single investment in the state’s history once completed. The company’s decision to select Arkansas as the site underscores the area's appropriate business climate and workforce. Further, being the home for the first mill in the country to use endless casting and rolling technology, Arkansas will consistently be recognized for its excellence in steel production. The investment will also serve as a great opportunity for Arkansas and will have a positive impact on the northeast Arkansas economy as well as the families of the workers to be employed by the mill.
Shares of U.S. Steel have gained 46.7% in the past year compared to the industry’s rise of 41.9%.
Image Source: Zacks Investment Research
In its last earnings call, X stated that it expects 2022 to be another strong year for the company. Further, it remains focused on its disciplined approach to creating shareholder value. This Zacks Rank #3 (Hold) company noted that its balance sheet has been transformed and its capital allocation priorities have enhanced direct returns to shareholders.
Stocks to Consider
Some better-ranked stocks in the basic materials space include Albemarle Corporation (ALB - Free Report) , Commercial Metals Company (CMC - Free Report) and AdvanSix Inc. (ASIX - Free Report) .
Albemarle, currently sporting a Zacks Rank #1 (Strong Buy), has an expected earnings growth rate of 51.5% for 2022. The Zacks Consensus Estimate for Albemarle’s 2022 earnings has been revised upward by 32 cents in the past 60 days. You can see the complete list of today’s Zacks #1 Rank stocks here.
Albemarle beat the Zacks Consensus Estimate for earnings in each of the trailing four quarters, the average surprise being 22.1%. ALB has rallied around 47.6% in a year.
Commercial Metals, flaunting a Zacks Rank #1, has a projected earnings growth rate of 62% for the current fiscal year. The consensus estimate for Commercial Metals’ current fiscal-year earnings has been revised upward by $1.06 in the past 60 days.
Commercial Metals beat the Zacks Consensus Estimate for earnings in three of the last four quarters, missing once. It has a trailing four-quarter earnings surprise of 13.1%, on average. CMC has rallied around 61% in a year.
AdvanSix has a projected earnings growth rate of 7.4% for 2022. The Zacks Consensus Estimate for AdvanSix’s 2022 earnings has been revised upward by 16 cents in the past 60 days.
AdvanSix beat the Zacks Consensus Estimate for earnings in each of the trailing four quarters, the average beat being 46.9%. ASIX has rallied 65.1% in a year. It currently carries a Zacks Rank of 2 (Buy).
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U.S. Steel (X) Breaks Ground on $3B Steel Mill in Arkansas
United States Steel Corporation (X - Free Report) recently laid the foundation of its $3-billion steelmaking facility in Osceola, AR. This next-generation, highly sustainable and state-of-the-art steel mill is anticipated to be the most advanced in North America and the largest private project in the history of Arkansas.
The new plant is being constructed adjacent to U.S. Steel’s Big River Steel. Also, the two sites will be known as Big River Steel Works. The new facility is expected to create 900 plant jobs in the area along with thousands of construction jobs. The company expects the mill to be completed and in full operation by 2024. Upon completion, the mill will apply to become LEED certified.
The new optimized steel facility will have two electric arc furnaces (EAFs) with 3 million tons of steelmaking capability a year. It will also have innovative endless casting and rolling lines and advanced finishing capabilities. This first use of endless casting and rolling technology in the United States will significantly boost the company’s energy efficiency as well as overall operational efficiency and capability.
U.S. Steel is highly thrilled about this project. With this transformative investment, the Pittsburgh-based steelmaker has taken another significant step forward in becoming the steel company of the future. The latest facility will amalgamate cutting-edge technology to build a steel mill that delivers profitable, sustainable solutions for customers.
Arkansas government is equally optimistic about this project. The project, announced last month, will be the largest single investment in the state’s history once completed. The company’s decision to select Arkansas as the site underscores the area's appropriate business climate and workforce. Further, being the home for the first mill in the country to use endless casting and rolling technology, Arkansas will consistently be recognized for its excellence in steel production. The investment will also serve as a great opportunity for Arkansas and will have a positive impact on the northeast Arkansas economy as well as the families of the workers to be employed by the mill.
Shares of U.S. Steel have gained 46.7% in the past year compared to the industry’s rise of 41.9%.
In its last earnings call, X stated that it expects 2022 to be another strong year for the company. Further, it remains focused on its disciplined approach to creating shareholder value. This Zacks Rank #3 (Hold) company noted that its balance sheet has been transformed and its capital allocation priorities have enhanced direct returns to shareholders.
Stocks to Consider
Some better-ranked stocks in the basic materials space include Albemarle Corporation (ALB - Free Report) , Commercial Metals Company (CMC - Free Report) and AdvanSix Inc. (ASIX - Free Report) .
Albemarle, currently sporting a Zacks Rank #1 (Strong Buy), has an expected earnings growth rate of 51.5% for 2022. The Zacks Consensus Estimate for Albemarle’s 2022 earnings has been revised upward by 32 cents in the past 60 days. You can see the complete list of today’s Zacks #1 Rank stocks here.
Albemarle beat the Zacks Consensus Estimate for earnings in each of the trailing four quarters, the average surprise being 22.1%. ALB has rallied around 47.6% in a year.
Commercial Metals, flaunting a Zacks Rank #1, has a projected earnings growth rate of 62% for the current fiscal year. The consensus estimate for Commercial Metals’ current fiscal-year earnings has been revised upward by $1.06 in the past 60 days.
Commercial Metals beat the Zacks Consensus Estimate for earnings in three of the last four quarters, missing once. It has a trailing four-quarter earnings surprise of 13.1%, on average. CMC has rallied around 61% in a year.
AdvanSix has a projected earnings growth rate of 7.4% for 2022. The Zacks Consensus Estimate for AdvanSix’s 2022 earnings has been revised upward by 16 cents in the past 60 days.
AdvanSix beat the Zacks Consensus Estimate for earnings in each of the trailing four quarters, the average beat being 46.9%. ASIX has rallied 65.1% in a year. It currently carries a Zacks Rank of 2 (Buy).