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ArcelorMittal Nippon Steel India (AM/NS India) reported a 208% increase in profits before interest, tax, depreciation, and amortisation (Ebitda) to $499 million in the October-December quarter, owing to greater steel exports. EBITDA was $162 million over the same time last year. Ebitda decreased sequentially by 6.4% from $533 million in the prior quarter, which also saw a lesser benefit from natural gas hedges.
AM/NS In December 2023, India produced a record amount of crude steel, close to the 8.6 MT capacity debottlenecking objective with a run rate of 8.1 million tonnes (MT). The October-December quarter saw 1.96 MT of crude steel output, 21% more than the 1.62 MT produced during the same period last year. Steel shipments, at 1.87 MT, increased 17.6% over the 1.59 MT produced during the same period last year.
For the full year ended December 2023, AM/NS India Ebitda stood at $1.9 billion compared to $1.2 billion in the previous year. The numbers were published as part of ArcelorMittal’s results for three- and 12-month periods ended December 31, 2023. The global steel company follows a January-December financial year. ArcelorMittal has a 60 % equity interest in AM/NS India.
ArcelorMittal said that the expansion of AM/NS India’s Hazira plant to 15 MT capacity was “progressing well” and on track for completion in 2026. The next phase of capacity expansion to 20 MT was planned, and plans for expansion to 24 mt (including 1.5 mt long capacity) were under preparation.
ArcelorMittal, the world’s second-largest steelmaker, reported a net loss of $2.97 billion compared to a net profit of $261 million due to the impairment of Acciaierie d’Italia in Italy and the negative impact of the disposal of Kazakhstan operations. Sales at $14.55 billion were 13.85% lower than $16.89 billion in the year-ago period impacted by lower average selling prices.
Also Read : Tata Steel Plans 10–15 Million Tonnes of Eco-Friendly Steel Production by 2040 Abhay Ispat Witnesses Rising Demand for High-Quality Steel Products
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