ArcelorMittal and Nippon Steel India records 50% jump in EBITDA

31 Jul 2021 CW Team

ArcelorMittal and Nippon Steel India (AM/NS India) recorded 50% higher earnings before interest, taxes, depreciation, and amortisation (EBITDA) quarter-on-quarter (QoQ) and 450% year-on-year (YoY) to $607 million in the quarter ended June 30, 2021, on the back of strong global demand and the recent resurgence in the domestic market.

The EBITDA in Q1 2021 was $403 million.

While announcing earnings for the quarter the company said that Q2 2021 crude steel production of the company remained stable at 1.8 million tonnes (mt) despite the Covid-19 pandemic.

AM/NS India said that the business noticed encouraging signs of domestic demand revival, particularly from the automotive, white goods, and infrastructure sectors, towards the end of the quarter.

The annualised production of AM/NS India remained unchanged from Q1 2021, at 7.3 mt.

As part of ArcelorMittal’s earnings in the quarter, AM/NS India numbers were released. The global steel major reported $5.1 billion EBITDA in Q2 2021, its strongest quarter since 2008, as steel costs surged to a record high; it was 55.8% costlier than in Q1 2021. It was at $707 million in the prior-year period.

Aditya Mittal, CEO, ArcelorMittal, said that a continued strong recovery has been witnessed, in the second quarter alongside a sustained lean inventory environment.

Mittal further expects the demand outlook to increase further in the second half.

The company said that in Q2 2021, the share of the joint venture (JV) and associates net income increased to $0.6 billion, indicating maintained strong performance at AMNS India and AMNS Calvert.

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Also read: ArcelorMittal signs €1 bn MoU with Spain for decarbonisation tech

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