MT - ArcelorMittal South Africa considers renewable energy projects

ArcelorMittal (NYSE:MT) said Wednesday it is conducting feasibility studies on two potential renewable energy projects in South Africa, Reuters reports, as it seeks to reduce its dependence on electricity supply from the national grid that is plagued with regular power outages. The steelmaker said the two 100 MW renewable energy plants are planned for Gauteng and the Western Cape provinces, and are intended to supply existing facilities within the company. The company expects to benefit from the projects by early 2025, subject to the outcome of the feasibility studies. ArcelorMittal shares look undervalued below the low-to-mid-$40s, but there are outsized company-specific risks, Stephen Simpson writes in an analysis published on Seeking Alpha.

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ArcelorMittal South Africa considers renewable energy projects