U. S. Steel (X) Partners With NETL to Capture Greenhouse Gas
United States Steel Corporation X has agreed to test an advanced membrane technology developed by the National Energy Technology Laboratory (“NETL”) to capture carbon dioxide emissions from steelmaking activities at its Edgar Thomson Plant in Braddock, PA,
The project is an element of the Point Source Carbon Capture Program run by the U.S. Department of Energy and NETL. To cut CO2 emissions and achieve the country's climate change goals, point source carbon capture from industrial facilities, such as iron and steel manufacturing plants, is essential.
The CO2 produced by blast furnaces may be reduced using carbon capture. Due to this, point source carbon capture is important for iron and steel factories. Testing this promising membrane produced by NETL at the Edgar Thomson Plant is a crucial step toward bringing this revolutionary technology to market.
This is an excellent opportunity to influence how the steel sector as a whole reduces greenhouse gas emissions in the future. The collaboration represents a significant advancement in U.S. Steel's goal of becoming net-zero by 2050.
Shares of U.S. Steel have gained 58.7% over the past year compared with a 52.5% rise of its industry.
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On its second quarter 2023 earnings call, X stated it expects third-quarter adjusted net earnings per share to be within the range of $1.10 to $1.15. The company is poised for a strong performance in the third quarter, with its operational segments exceeding prior expectations, leading to a healthy adjusted EBITDA.
Additionally, it anticipates adjusted EBITDA for the third quarter to be approximately $550 million. The company's financial position remains robust as it allocates resources to these strategic initiatives while generating cash flow from operations.
It projects a cash balance of approximately $3 billion at the close of the third quarter, with total liquidity expected to exceed $5 billion for the seventh consecutive quarter.
United States Steel Corporation Price and Consensus
United States Steel Corporation price-consensus-chart | United States Steel Corporation Quote
Zacks Rank & Key Picks
X currently carries a Zacks Rank #3 (Hold).
Better-ranked stocks in the basic materials space include Carpenter Technology Corporation CRS, The Andersons Inc. ANDE and Hawkins Inc. HWKN.
Carpenter Technology currently carries a Zacks Rank #1 (Strong Buy). The stock has rallied roughly 92.4% in the past year. CRS beat the Zacks Consensus Estimate in three of the last four quarters while meeting in one. It delivered a trailing four-quarter earnings surprise of 9.8%, on average. You can see the complete list of today’s Zacks #1 Rank stocks here.
Andersons currently carries a Zacks Rank #1. The stock has gained roughly 57.1% in the past year. ANDE beat the Zacks Consensus Estimate in each of the last four quarters. It delivered a trailing four-quarter earnings surprise of 64.4%, on average.
Hawkins currently carries a Zacks Rank #1. The stock has rallied roughly 53.1% in the past year. HWKN beat the Zacks Consensus Estimate in each of the last four quarters. It delivered a trailing four-quarter earnings surprise of 25.6%, on average.
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