Latest News | AMNS India Posts USD 607 Mn Pre-tax Income in Apr-Jun

New Delhi, Jul 29 (PTI) ArcelorMittal Nippon Steel India (AMNS India) on Thursday posted a pre-tax earning of USD 607 million in the quarter ended June 30, 2021. The Gujarat based steel maker, which is a joint venture company between Luxembourg-headquartered ArcelorMittal and Nippon Steel of Japan, had clocked USD 107 million EBITDA (earnings before interest, taxes, depreciation, and amortization) in the April-June quarter of 2020. In a statement, AMNS India said its crude steel production remained stable at 1.8 million tonnes (MT) despite Covid-19 headwinds. The steel production was at 1.2 MT in the second quarter of 2020. Towards the end of the June quarter, the business saw encouraging signs of domestic demand revival, particularly from the automotive, white goods and infrastructure sectors, it said. Aditya Mittal, chairman AMNS India and CEO of the parent company ArcelorMittal, said: "AMNS India's progress in the 18 months since its inception is an excellent foundation to advance our plans to pursue both organic expansion and strategic opportunities in support of India's growing economy."

"Its solid operational and financial performance is testament to our management's and employees' ability to adapt and respond with agility during an extraordinarily challenging period for the entire country."

On its operations, AMNS India further said that in Odisha, it is nearing the completion of doubling the capacity of its pellet plant to 12 MTPA (million tonnes per annum). The commissioning of the plant is is expected in third quarter of 2021.

With this addition, the overall pellet capacity of AMNS India in the country will increase from 14 MTPA to 20 MTPA, the company said.

The operations at Sagasahi iron ore mine in Odisha are due to come on stream in July-September of ongoing year.

AMNS India said "it will continue to advance plans to expand steelmaking capacity in India to up to 30 MTPA".

In the statement, AMNS India said its primary focus during the quarter has been to support the critical healthcare response to the second wave of the pandemic in the country.

During the peak of the second wave, it mobilised the supply of 7,000 units of medical grade oxygen cylinders and 2,000 units of flow meters to the various state governments.

The company also converted nitrogen tankers to transport oxygen and supplied 260 metric tonnes of medical-grade oxygen each day from Hazira plant to medical facilities across Gujarat and neighbouring states in this particular quarter.

A 250-bed COVID-19 hospital near its plant in Hazira with uninterrupted supplies of oxygen from the plant which was ramped up to 600 beds and is scalable to 1,000.

In December 2019, ArcelorMittal announced acquisition of debt-laden Essar Steel and forming the joint venture AMNS India with Japan-based Nippon Steel. ?PTI ABI

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)