Top steelmakers to report record earnings in Q3 FY21
SECTIONS
Share
Synopsis
Analysts expect steel companies as pick of the pack with Ebitda growth of around 152% year-on-year on an average. Prices rose by an average Rs 7,300/tonne to Rs 49,000 - Rs 52,000 per tonne in Q3.
Agencies
Steelmaker JSW Steel said that a shortage of steel in the country combined with a pick-up in infra and auto demand is resulting in reduction of inventories for steel players.
Related
NSE
Explore Now
Mumbai: Indian steel mills are estimated to report record high earnings in the December quarter - and the rest of the year – due to skyrocketing steel prices and a visible rebound in infrastructure and consumption demand.
Synopsis
ArcelorMittal (formerly Essar Steel) had approached the court for urgent protective interim orders before the commencement of arbitration process under Section 17 of the Arbitration and Conciliation Act 1996.
Wikipedia
MUMBAI: The Bombay High Court has directed two companies owned by Ruias, namely Essar House Pvt Ltd (EHPL) and Essar Services India Pvt Ltd (ESIPL) to deposit collectively over Rs 82 crore within eight weeks in the court as security in two separate arbitration suits filed by ArcelorMittal Nippon Steel India Ltd.
Two companies namely Essar House Pvt Ltd (EHPL) and Essar Services India Pvt Ltd (ESIPL) had received respectively Rs 35 crore and Rs 47 crore security deposit from Essar Steel.
Covid19 has failed to dampen the spirit of Aditya Mittal, president and chief financial officer of ArcelorMittal, the world’s largest steel maker.
A year after steering his father’s dream to set foot in India with the top dollar buy of Essar Steel, Mittal said the “long term potential” of the business remained intact despite the “unparalleled challenges” of the pandemic.
In a letter to the employees of AM/NS (ArcelorMittal Nippon Steel) India, as Essar Steel has now been christened, after completing a year of concluding the Rs 42,000 crore acquisition, Mittal set target for gradual expansion of the capacity while loading up on the inbuilt technology prowess of the parent ArcelorMittal, to make grades of steel hitherto not produced in India.
The Covid-19 pandemic has in no way dampened the long-term potential for ArcelorMittal Nippon Steel (AM/NS) India and growth plans are on track, the company’s chairman, Aditya Mittal, indicated in a communication to employees on the occasion of completion of a year of operations on Wednesday.
ArcelorMittal had fought a pitched battle to acquire Essar Steel, one of the 12 non-performing assets (NPAs) mandated for resolution by the Reserve Bank of India (RBI) under the Insolvency and Bankruptcy Code (IBC); the acquisition was made jointly by ArcelorMittal and Nippon Steel Corporation. In the joint venture, ArcelorMittal holds 60 per cent and the balance is with Nippon Steel.
Arcelor Nippon to double capacity Expansion at Hazira and look for opportunities elsewhere as their maiden venture in the country completes a year in operation
The Mittals plan to double their bets on India as their maiden venture in the country completes a year in operation.
Dilip Oommen, CEO of AMNS India (ArcelorMittal Nippon Steel), said the company would like to expand capacity at Hazira to twice the existing size and look for opportunities elsewhere.
Speaking at an e-conclave organised by the Bengal Chamber of Commerce & Industry, Oommen said: “We are quite bullish on the future of the steel industry in India. While we are expanding our pellet capacity to 20 million tonnes, we want to double the production at Hazira in stage one and then we will look at opportunities.”