ArcelorMittal $MT stock is on a downtrend channel breakout on November 7, 2022. Recent dark pool trading in the stock may be buying.
Dark Pool Trades In ArcelorMittal $MT Stock
Dark pool trading occurred in ArcelorMittal $MT stock on October 20, 2022, and again on October 26, 2022. We think the dark pool trades were buy orders because of how $MT stock rose following the trades hitting the tape.
Make sure to review this lesson on dark pool trading so that you understand the chart above.
ArcelorMittal S.A.: ArcelorMittal invests $25 million in breakthrough nuclear power innovator TerraPower
On November 3, 2022, ArcelorMittal announced it has invested $25 million in nuclear innovation company TerraPower through its XCarb Innovation Fund. The investment is part of an $830 million equity raise TerraPower has concluded, which is the largest private raise among advanced nuclear companies.
TerraPower, which was founded by Bill Gates in 2008, entered the nuclear energy arena because the company’s founders saw clean energy as the pathway to lift billions out of poverty. It has spent the last decade investing in and developing ground-breaking nuclear technologies.
ArcelorMittal S.A.: ArcelorMittal breaks ground on first transformational low-carbon emissions steelmaking project
On October 13, 2022, ArcelorMittal broke ground on its CAD$1.8 billion investment project to decarbonize the ArcelorMittal Dofasco plant in Hamilton, Ontario, Canada.
The project, a partnership between ArcelorMittal and the governments of Canada and Ontario, will play an important role in ensuring the Company makes progress this decade with its decarbonisation efforts.
The power of public and private partnerships is vital if the goal of limiting the average global temperature increase to 1.5 degrees is to be achieved. The governments of Canada and Ontario have each agreed to pay CAD$400 million and CAD$500 million for the project’s cost.
The project will change the way steel is made at ArcelorMittal Dofasco by moving to direct reduced iron-electric arc furnace steelmaking. This process has a much lower carbon footprint and gets rid of coal from the iron-making process. The new 2.5 million tonne capacity DRI furnace will initially use natural gas, but they will build it to use green hydrogen as a clean energy input as soon as a sufficient, cost-effective supply of green hydrogen becomes available.
ArcelorMittal Magnelis® SPI
ArcelorMittal $MT Stock Technical Analysis
ArcelorMittal $MT stock is in a technical weak downtrend. The stock is coming off a bullish head and shoulders bottom and is a turnaround play candidate. A break above $24.43 will cause the stock to be upgraded to an uptrend rating.