AM/NS India Reports Strong Results for April-June Quarter

ArcelorMittal Nippon Steel India has reported strong performance for the three months ended 30 June 2021, with EBITDA of USD 607 million vs USD 107 million in corresponding quarter last year, more than 450% YoY. The company’s crude steel production increased to 1.8 million tonne in Q2 of 2021. Operationally, the business continued to respond swiftly to external market conditions during the quarter, mitigating the negative impact of the second wave on domestic steel demand by redirecting steel supply to serve a buoyant export market. Towards the end of the quarter, the business saw encouraging signs of domestic demand revival, particularly from the automotive, white goods and infrastructure sectors. As a result, crude steel production in Q2 of 2021 remained stable at 1.8 million tonne, close to the levels achieved Q1 of 2021.Progressing strategic initiativesAt Odisha, AM/MNS India is nearing the completion of doubling the capacity of our pellet plant to 12 million tonne; commissioning is expected in 3Q’21. With this addition, the overall pellet capacity of AM/NS India in the country will increase from 14 million tonne to 20 million tonneOperations at Sagasahi iron ore mine in Odisha are due to come on stream in 3Q’21Continue to advance plans to expand steelmaking capacity in India to up to 30 million tonneDoubling of steel production capacity at Hazira, Gujarat, to 18 million tonne. Debottlenecking of existing operations is under way to achieve 8.4 million tonne; medium and long-term plans to ramp up capacity to 14 million tonne and 18 million tonne respectively remain in place.Signed an MoU with state government of Odisha to set up a 12 million tonne greenfield integrated steel plant.

AM/NS India Reports Strong Results for April-June Quarter

Related Stories