ArcelorMittal Nippon Steel India reported that its EBITDA more than doubled in September quarter to $551 million, against $176 million logged in same period previous year.
Nevertheless, the EBITDA for the quarter under review was down nine per cent compared to $607 million logged in June quarter due to higher iron ore and energy prices.
Despite the second wave of Covid-induced lockdown impacting domestic demand, AMNS India was able to uphold robust production levels and utilise its coastal location to tap the export market, said the company.
As a result, crude steel production in Q3 increased to 1.9 million tonnes, against 1.8 mt Q2.
Sales were marginally higher at 1.76 mt, against 1.78 mt logged in same quarter last year.
Aditya Mittal, CEO of ArcelorMittal and Chairman of AM/NS India, said the financials were supported by strong price environment, resulting in the highest net income and lowest net debt since 2008.
“We have re-positioned our balance sheet, re-set ourselves for the transition to a low-carbon economy, we are growing strategically through high-quality, high-return projects and we are returning capital to shareholders,” he said.
The joint venture with Nippon Steel continued to perform strongly despite headwinds from higher energy prices and the pandemic. Steel production at Hazira rose further in the third-quarter and the joint venture is making good progress with its expansion and vertical integration plans, he added.
While the pandemic continues to introduce higher than normal levels of volatility across the world, the confidence in India’s domestic steel industry and long-term economic growth prospects remains intact, he said.
.jpg "JT Crop: From In-House Formulations To Custom Creations, Crafting Solutions For Healthier Crops")
.jpg "Microfine Filters: Empowering Industries With Superior Filtration Solutions")
