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AMNS India Operating at Full Capacity as Steel Demand Recovers- Mr Aditya Mittal

Steel News - Published on Mon, 03 Aug 2020

Image Source: AMNS India
PTI reported that ArcelorMittal Nippon Steel India Chairman Mr Aditya Mittal said that the Indian steel market has started showing signs of recovery after being hit hard by the COVID-19 pandemic and subsequent lockdowns but operations at ArcelorMittal Nippon Steel India’s Hazira plant in Gujarat are running at full capacity. He said “We are seeing the domestic market recover and that’s a reason why our operations are running at full capacity at Hazira in Gujarat. The focus remains on the domestic market. In India per capita steel consumption is much lower than most of the other countries of the world. That is a key reason why we have made investment to be part of the growth of the Indian industry.”

While announcing June quarter earnings, ArcelorMittal said “AMNS India's operations were impacted by the COVID-19 pandemic during Q2 of 2020 with lockdown measures, in particular impacting April 2020. As lock down measures lift the assets are currently running at higher utilization levels then the low levels during the peak impacts during Q2 of 2020.”

AMNS India key performance indicators for Q2 of 2020
Crude steel production of 1.2 million tonne down by 27% QoQ vs 1.7 million tonne in Q1 of 2020
EBITDA of USD 107 million down by 24% QoQ vs USD 140 million in Q1 of 2020

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Posted By : Yogender Pancholi on Mon, 03 Aug 2020
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