ArcelorMittal Nippon Steel India clocks 16.62% increase in EBITDA
ArcelorMittal Nippon Steel India (AM/NS India), a joint venture between ArcelorMittal and Nippon Steel, reported a 16.62 per cent year-on-year (YoY) increase in EBITDA at $470 million in the March quarter, backed by sale of pellets from the newly commissioned pellet plant. The YoY EBITDA was higher even as crude steel production decreased by 5.2 per cent to 1.7 million tonne (mt) compared to 1.8 million tonne mt in the year-ago period. The company said that the contribution from external sale of pellets from the newly commissioned Odisha plant offset in part a negative price cost impact. The AM/NS figures were disclosed as part of ArcelorMittal’s Q12022 financial results; the global steel major follows a January-December fiscal year. In AM/NS India, ArcelorMittal has a 60 per cent equity interest. ArcelorMittal mentioned that plans to debottleneck AM/NS India’s existing operations (steel shop & rolling parts) and achieve 8.8 mt capacity by end 2023...