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    MT   LU1598757687

ARCELORMITTAL

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ArcelorMittal, Canada Government to Invest $1.42 Billion in Carbon-Cutting Technology

07/30/2021 | 08:51am EDT

By Ed Frankl

ArcelorMittal said Friday that it had agreed with the Canadian government to an investment of nearly $1.5 billion in decarbonization technology.

The investments, worth $1.765 billion Canadian dollars ($1.42 billion), would reduce carbon emissions at ArcelorMittal's Dofasco plant in Hamilton, Ontario, by around 60% before the end of 2028, the steel maker said.

ArcelorMittal said the investment is contingent on support from the governments of Canada and Ontario.

Canada's government said Friday that it will invest CAD$400 million in the project, and ArcelorMittal said it is in discussions with the government of Ontario regarding its support.

The plant will transition away from traditional blast-furnace steelmaking production route to a new method, called direct reduced iron-electric arc furnace, which carries a significantly lower carbon footprint, the Luxembourg-based company said.

The project is expected to support as many as 2,500 jobs during the engineering and construction phases, and support ArcelorMittal Dofasco's decarbonization ambitions, it said.

On Thursday, ArcelorMittal said it plans to invest $10 billion as part of a new carbon-emissions-reduction target it set for its global operations.

Write to Ed Frankl at edward.frankl@dowjones.com

(END) Dow Jones Newswires

07-30-21 1051ET

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Analyst Recommendations on ARCELORMITTAL
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Financials (USD)
Sales 2021 74 474 M - -
Net income 2021 13 211 M - -
Net Debt 2021 720 M - -
P/E ratio 2021 2,44x
Yield 2021 1,16%
Capitalization 32 287 M 32 324 M -
EV / Sales 2021 0,44x
EV / Sales 2022 0,45x
Nbr of Employees 168 000
Free-Float 56,0%
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Technical analysis trends ARCELORMITTAL
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Mean consensus BUY
Number of Analysts 18
Last Close Price 31,90 $
Average target price 45,96 $
Spread / Average Target 44,1%
EPS Revisions
Managers and Directors
Aditya Mittal Chief Executive Officer & Director
Genuino M. Christino Chief Financial Officer & Executive Vice President
Lakshmi Niwas Mittal Executive Chairman
Pinakin Chaubal Chief Technology Officer
Henk Scheffer Secretary & Group Compliance Officer
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