Steel giant ArcelorMittal (MT) announced that 5,000 tons of its steel has been used to build South America’s tallest skyscraper, the 237m Infinity Coast Tower in Brazil. Construction of the tower is currently underway in Balneario Camboriu, a beach resort in the Brazilian state of Santa Catarina.
The materials that ArcelorMittal deliver include rebar (CA50 and CA60), as well as annealed wires and nails. The company supplies steel from its Juiz de Fora (Minas Gerais) and Piracicaba (Sao Paulo) sites to cut and bend company Dobracor. The steel supplied by ArcelorMittal will be used in all aspects of the building construction. The construction is expected to be completed by 2016.
The steel that is utilized in the construction is certified with the Brazilian Technical Standards Association (:ABNT) ecolabel. The ABNT ecolabel was granted to five ArcelorMittal units in Brazil ??? Juiz de Fora, Piracicaba, Cariacica, Itauna and Sao Paulo.
The structural design of the building is inspired by the skyline of Dubai and incorporates the latest sustainability standards. The building will have a facility to reuse the rain water to wash residents’ cars. Also the apartments will be soundproof which can be made possible by using ‘sound blankets’ made of recycled tires. The building will have 66 floors in all.
Recently, ArcelorMittal announced that its Flat Carbon Europe (FCE-A) division will supply about 140,000 tons of drawn and wall iron (:DWI) steels to beverage can producers globally in 2013. The company will produce the DWI steel at its FCE Packaging Europe sites in Florange, France and Aviles, Spain. As per ArcelorMittal, the unique properties of its steel enable beverage can makers to produce 2,000 beverage cans per minute, with can walls of 60 micrometers (µm) thickness.
ArcelorMittal released its second-quarter 2013 results in Aug. The company posted a net loss of $0.8 billion or 44 cents per share in the quarter compared with a net income of $1 billion or 66 cents per share a year ago. Barring one-time items (restructuring and impairment charges), loss was 32 cents per share. Analysts polled by Zacks were expecting earnings of 9 cents a share on average for the quarter. The results were impacted by lower pricing and weak demand.
Revenues declined 10.1% year over year to $20.2 billion in the reported quarter and missed the Zacks Consensus Estimate of $20.7 billion. Sales increased 2.3% on a sequential basis due to higher steel shipment volumes. Shipments declined 1.8% year over year to 21.3 million metric tons in the quarter.
ArcelorMittal currently maintains a Zacks Rank #4 (Sell).
Other companies in the steel industry with favorable Zacks Rank are Nippon Steel & Sumitomo Metal Corporation (NSSMY), Ternium S.A. (TX) and Kobe Steel Ltd. (KBSTY). While Nippon Steel maintains a Zacks Rank #1 (Strong Buy), Kobe Steel and Ternium hold Zacks Rank #2 (Buy).Read the Full Research Report on MT
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