Companies

ArcelorMittal's earnings jump four-fold to ₹4,492 crore in April-June quarter

Our Bureau. Mumbai | Updated on July 29, 2021

Firm’s sales stood at $19.3 billion

ArcelorMittal Nippon Steel India has reported that its EBITDA in the June quarter increased four times to $607 million ( ₹4,492 crore) against $107 million (₹792 crore) logged in the same period last year.

The company’s crude steel production increased 50 per cent to 1.8 million tonne in the quarter under review.

AM/NS India’s primary focus during the quarter has been to support the critical healthcare response to the second wave of the pandemic.

The company has vaccinated all its employees, their family and business associates with the first dose while the drive for the second dose is underway.

During the peak of the second wave, the company supplied 7,000 units of medical grade oxygen cylinders and 2,000 units of flow meters to the governments.

It converted nitrogen tankers to transport oxygen and supplied 260 tonnes of medical-grade oxygen each day from the Hazira plant.

Aditya Mittal, Chairman, AM/NS India, said the company is focussed on supporting Indian operations to mitigate the effects of the second wave of the pandemic.

Pellet capacity addition

The project to double pellet plant capacity to 12 mtpa in Odisha will be completed by the September quarter. With this, the overall pellet capacity of AM/NS in India will increase from 14 mtpa to 20 mtpa. Operations at Sagasahi iron ore mine in Odisha will go on stream by September.

Doubling steel production capacity at Hazira, Gujarat, to 18 mtpa will be taken up soon.

Debottlenecking of existing operations is underway to achieve 8.4 mtpa with medium and long-term plans to ramp up capacity to 14 mtpa and 18 mtpa gradually, he said.

“We have also signed an MoU with State government of Odisha to set up a 12 mtpa greenfield integrated steel plant, AM/NS India’s strong cash generation and balance sheet strength will continue to support funding,” he said.

Published on July 29, 2021

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