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ArcelorMittal (MT) Partners IIT Madras for Hyperloop Facility
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ArcelorMittal S.A. (MT - Free Report) has announced a collaboration with the Indian Institute of Technology ("IIT") Madras and is collaborating closely with IIT Madras' Hyperloop Technology teams – Avishkar Hyperloop, a student team and TuTr Hyperloop, a start-up incubated at IIT Madras – involved in the development of cost-effective Hyperloop technologies for passenger and cargo mobility at scale.
ArcelorMittal and AM/NS India are supplying foundational steel materials, as well as engineering, design and project management experience, to help build India's and Asia's first Hyperloop test track at IIT Madras' 163-acre Discovery Campus at Thaiyur, on the outskirts of Chennai.
The primary goal of the Hyperloop team is to advance and commercialize Hyperloop technology for high-speed, economical, dependable and sustainable transportation. The Ministry of Railways of India is an important partner in this Hyperloop technology development initiative at IIT Madras.
AM/NS India is supplying around 400 tons of steel for the construction of a 400-metre vacuum tube at the facility, which will be used to test autonomous, levitating pods at speeds of up to 200 kilometers per hour.
AMDEC, ArcelorMittal's design and engineering arm based in India, is also seconding experienced engineers to the Hyperloop team to help oversee project progress and give design and engineering knowledge at a critical point of the installation process. The test facility is expected to be operational by the end of the first quarter of 2024.
Shares of ArcelorMittal have gained 5.2% over past six months compared with a 13.3% rise of its industry.
Image Source: Zacks Investment Research
ArcelorMittal expects global apparent steel consumption (excluding China) to rise 1-2% in 2023 on a year-over-year basis. The company maintains a positive outlook on the medium to long-term demand for steel, supported by its strong financial position.
For fiscal 2023, capital expenditures are anticipated to be near the mid-point of the previously communicated guidance of $4.5-$5 billion. The company's strategic growth projects are progressing as planned and are estimated to generate an additional $1.3 billion in normalized EBITDA.
ArcelorMittal currently carries a Zacks Rank #3 (Hold).
Better-ranked stocks in the basic materials space include Centrus Energy Corp. (LEU - Free Report) , Axalta Coating Systems Ltd. (AXTA - Free Report) and Steel Dynamics Inc. (STLD - Free Report) .
Centrus Energy currently carries a Zacks Rank #1 (Strong Buy). The Zacks Consensus Estimate for LEU’s current-year earnings has been revised upward by 30.5% in the past 60 days. It beat the Zacks Consensus Estimate in three of the last four quarters while reporting in-line results on one occasion, with the average earnings surprise being 47.7%. The company’s shares have surged 56.3% in the past year. You can see the complete list of today’s Zacks #1 Rank stocks here.
Axalta has a projected earnings growth rate of 5.4% for the current year. It currently carries a Zacks Rank #2 (Buy). AXTA delivered a trailing four-quarter earnings surprise of roughly 6.7%, on average. The stock is up around 23.7% in a year.
The Zacks Consensus Estimate for Steel Dynamics’ current-year earnings has been revised upward by 4.3% in the past 60 days. It currently carries a Zacks Rank #1. Steel Dynamics delivered a trailing four-quarter earnings surprise of roughly 6.5%, on average. STLD shares are up around 20.7% in a year.
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ArcelorMittal (MT) Partners IIT Madras for Hyperloop Facility
ArcelorMittal S.A. (MT - Free Report) has announced a collaboration with the Indian Institute of Technology ("IIT") Madras and is collaborating closely with IIT Madras' Hyperloop Technology teams – Avishkar Hyperloop, a student team and TuTr Hyperloop, a start-up incubated at IIT Madras – involved in the development of cost-effective Hyperloop technologies for passenger and cargo mobility at scale.
ArcelorMittal and AM/NS India are supplying foundational steel materials, as well as engineering, design and project management experience, to help build India's and Asia's first Hyperloop test track at IIT Madras' 163-acre Discovery Campus at Thaiyur, on the outskirts of Chennai.
The primary goal of the Hyperloop team is to advance and commercialize Hyperloop technology for high-speed, economical, dependable and sustainable transportation. The Ministry of Railways of India is an important partner in this Hyperloop technology development initiative at IIT Madras.
AM/NS India is supplying around 400 tons of steel for the construction of a 400-metre vacuum tube at the facility, which will be used to test autonomous, levitating pods at speeds of up to 200 kilometers per hour.
AMDEC, ArcelorMittal's design and engineering arm based in India, is also seconding experienced engineers to the Hyperloop team to help oversee project progress and give design and engineering knowledge at a critical point of the installation process. The test facility is expected to be operational by the end of the first quarter of 2024.
Shares of ArcelorMittal have gained 5.2% over past six months compared with a 13.3% rise of its industry.
Image Source: Zacks Investment Research
ArcelorMittal expects global apparent steel consumption (excluding China) to rise 1-2% in 2023 on a year-over-year basis. The company maintains a positive outlook on the medium to long-term demand for steel, supported by its strong financial position.
For fiscal 2023, capital expenditures are anticipated to be near the mid-point of the previously communicated guidance of $4.5-$5 billion. The company's strategic growth projects are progressing as planned and are estimated to generate an additional $1.3 billion in normalized EBITDA.
ArcelorMittal Price and Consensus
ArcelorMittal price-consensus-chart | ArcelorMittal Quote
Zacks Rank & Key Picks
ArcelorMittal currently carries a Zacks Rank #3 (Hold).
Better-ranked stocks in the basic materials space include Centrus Energy Corp. (LEU - Free Report) , Axalta Coating Systems Ltd. (AXTA - Free Report) and Steel Dynamics Inc. (STLD - Free Report) .
Centrus Energy currently carries a Zacks Rank #1 (Strong Buy). The Zacks Consensus Estimate for LEU’s current-year earnings has been revised upward by 30.5% in the past 60 days. It beat the Zacks Consensus Estimate in three of the last four quarters while reporting in-line results on one occasion, with the average earnings surprise being 47.7%. The company’s shares have surged 56.3% in the past year. You can see the complete list of today’s Zacks #1 Rank stocks here.
Axalta has a projected earnings growth rate of 5.4% for the current year. It currently carries a Zacks Rank #2 (Buy). AXTA delivered a trailing four-quarter earnings surprise of roughly 6.7%, on average. The stock is up around 23.7% in a year.
The Zacks Consensus Estimate for Steel Dynamics’ current-year earnings has been revised upward by 4.3% in the past 60 days. It currently carries a Zacks Rank #1. Steel Dynamics delivered a trailing four-quarter earnings surprise of roughly 6.5%, on average. STLD shares are up around 20.7% in a year.