ArcelorMittal & Nippon Steel’s 60:40 JV ArcelorMittal Nippon Steel India has reported 16.6%YoY increase in EBITDA at USD 470 million in the January-March 2022 quarter supported by contribution from sale of pellets from newly commissioned pellet plant offset in part by a negative price cost impact. The YoY EBITDA was higher even as crude steel production decreased by 5.2% to 1.7 million tonne as compared to 1.8 million tonne in January-March 2021ArcelorMittal also announced that1. Plans to debottleneck existing operations of steel stop & rolling and achieve 8.8 million tonne per annum capacity by end of 2023 underway2. Ground-breaking for CRM2 complex, comprising of 2 million tonne per annum PLTCM, 0.5 million tonne per annum galvanizing line & 1 million tonne per annum Galvanizing and Annealing line, happened in March 20223. AMNS India Hazira facility expansion to at least 14.4 million tonne per annum in advance preparation: advanced discussions with vendors to close, engineering and design work to start soon; awaiting final environmental clearance4. In March, ArcelorMittal had announced a strategic partnership with Greenko Group for a USD 600 million 975MW solar and wind power project. The project and land is owned and funded by ArcelorMittal & Greenko will design, construct and operate facilities in Andhra Pradesh and AM/NS India has a 25-year off-take agreement to purchase 250MW of renewable electricity annually. Over 20% of AMNS India’s Hazira plant electricity requirement will come from renewable sources reducing carbon emissions by 1.5Mt per year. Project commissioning is expected by mid-2024. ArcelorMittal is studying the option to develop a second phase which would double the installed capacity
ArcelorMittal & Nippon Steel’s 60:40 JV ArcelorMittal Nippon Steel India has reported 16.6%YoY increase in EBITDA at USD 470 million in the January-March 2022 quarter supported by contribution from sale of pellets from newly commissioned pellet plant offset in part by a negative price cost impact. The YoY EBITDA was higher even as crude steel production decreased by 5.2% to 1.7 million tonne as compared to 1.8 million tonne in January-March 2021ArcelorMittal also announced that1. Plans to debottleneck existing operations of steel stop & rolling and achieve 8.8 million tonne per annum capacity by end of 2023 underway2. Ground-breaking for CRM2 complex, comprising of 2 million tonne per annum PLTCM, 0.5 million tonne per annum galvanizing line & 1 million tonne per annum Galvanizing and Annealing line, happened in March 20223. AMNS India Hazira facility expansion to at least 14.4 million tonne per annum in advance preparation: advanced discussions with vendors to close, engineering and design work to start soon; awaiting final environmental clearance4. In March, ArcelorMittal had announced a strategic partnership with Greenko Group for a USD 600 million 975MW solar and wind power project. The project and land is owned and funded by ArcelorMittal & Greenko will design, construct and operate facilities in Andhra Pradesh and AM/NS India has a 25-year off-take agreement to purchase 250MW of renewable electricity annually. Over 20% of AMNS India’s Hazira plant electricity requirement will come from renewable sources reducing carbon emissions by 1.5Mt per year. Project commissioning is expected by mid-2024. ArcelorMittal is studying the option to develop a second phase which would double the installed capacity
