ArcelorMittal Nippon Steel India EBITDA drops 23.5% to $107 mn in June qtr

ArcelorMittal, which holds 60% in AMNS India, said Covid-19 had severely disrupted domestic demand particularly in April

ArcelorMittal Nippon Steel India (AMNS India) has recorded a 23.5 per cent drop in EBITDA (earnings before interest, taxes, depreciation, and amortisation) to $107 million in the quarter ended June, compared to $140 million in the previous quarter.

While announcing June quarter earnings, ArcelorMittal, which has a 60 per cent holding in the joint venture with Nippon Steel, said in its update on AMNS India that Covid-19 had severely disrupted domestic demand particularly during the month of April. ArcelorMittal follows a January to December fiscal year.

AMNS India's crude steel production during the quarter was down 29 per cent quarter-on-quarter