ArcelorMittal Nippon Steel India has reported that its EBITDA in the June quarter was down 58 per cent at $237 million against $563 million logged in the same period last year due to lower realisation and drop in demand.

Sales declined 2 per cent to $1.58 billion against $1.61 billion due to planned maintenance impacts and lower average steel selling prices.

Production was up at 1.87 million tonne (1.80 mt) while sales declined to 1.89 mt (1.68 mt).

The 1GW India renewables project in Andhra Pradesh has begun commissioning. Power evacuation (substations and transmission lines) is largely complete. The $0.7 billion capex project with an expected $0.1 billion of EBITDA (including equity share of the net income benefit to AMNS India JV) will provide cost competitive and stable supply of round-the clock renewable power for AMNS India, representing over 20 per cent of AMNS India’s Hazira plants energy requirements.

In India, the company expects another strong year with apparent steel consumption growth in the range of 7.5 per cent to 9.5 per cent, it said.

Published on August 1, 2024