In its short-range outlook released last month, the World Steel Association said that it expects global demand to go up by 1.7% on year. AMNS India – in which ArcelorMittal has a 60% equity interest – produced 1.98 million, and sold 2.02 million tonne of steel during the March quarter.
The Luxembourg-based company said its EBITDA increased by 34.6 percent at $1.96 billion, higher than the company's forecast of $1.81 billion. Sales in the first quarter were 11.9 percent higher at $16.3 billion compared to $14.6 billion in 4Q2023, reflecting higher average steel selling prices
The steel baron said that the first phase of the steel manufacturing site will be completed by 2026 whereas the second phase, marked by a Memorandum of Understanding (MoU), will be completed by 2029.
ArcelorMittal Nippon Steel (AMNS) India is a 60:40 joint venture between Luxembourg-based global steel giant ArcelorMittal and Nippon Steel of Japan. When asked about the timeline, the official said as per the plan submitted to the board of AMNS India, all the three centres are to be set up by 2024.
The earnings before interest, depreciation, tax and amortisation (EBIDTA), however, dipped 5.3 per cent on a sequential basis from $563 million in Q2CY23