Page 4 - Arcelormittal

AMNS India's operational profit falls to $341 mn in March quarter

Steel player AMNS India on Thursday said it has posted a 27.44 per cent fall in its operational profit at USD 341 million (about Rs 2,788 crore) during the March 2023 quarter. The company's earnings before interest, taxes, depreciation, and amortisation (EBITDA) stood at USD 470 million in the January-March period of 2022, parent firm ArcelorMittal said in a statement. AMNS India follows January-December financial year. "EBITDA during 1Q 2023 of USD 341 million was higher as compared to USD 162 million in 4Q 2022, due to higher steel shipments, higher average steel selling prices and lower costs (including energy costs). However, it was lower as compared to USD 470 million in 1Q 2022, due to lower prices offset in part by higher steel shipments," it said. ArcelorMittal in joint venture with Nippon Steel of Japan owns and operates about 9 million tonne steel plant in Gujarat. In 2019, ArcelorMittal along with Nippon Steel completed the acquisition of the Essar Steel Ltd plant locat

NCLT approves AM Mining resolution plan for Indian Steel Corporation

The NCLT passed the order on April 13. The total amount under the resolution plan is Rs 897 crores, out of which the secured financial creditors would receive Rs 810 crores

NCLT okays AM Mining India's resolution plan for Indian Steel Corporation

ArcelorMittal India on Monday said a resolution plan submitted for Indian Steel Corporation by its arm AM Mining India has been approved by the NCLT, Mumbai. In a statement, ArcelorMittal India Pvt Ltd said it "welcomes National Company Law Tribunal (NCLT) order on Indian Steel Corporation Ltd (ISC)". It looks forward to implementing the recently passed resolution plan in due course, ArcelorMittal India Pvt Ltd said without sharing any details with respect to the resolution plan submitted for ISC. With an annual capacity of six lakh tonne per annum (LTPA), Gujarat-based ISC is a steel processing company with operations spanning cold-rolled, galvanised, and colour-coated steel products, it said. The port-based facility specialises in manufacturing value-added steel products that cater to the automotive, construction, home appliance, and general engineering sectors. Dilip Oommen, Executive Vice President, ArcelorMittal, said, "The acquisition of ISC will enhance our downstream ...

ArcelorMittal Nippon Steel selects IBM for cloud-powered transformation

ArcelorMittal Nippon Steel India, a joint venture between ArcelorMittal and Nippon Steel, has selected IT major IBM to drive cloud-powered transformation, a statement said on Tuesday. ArcelorMittal Nippon Steel India (AM/NS India), the joint venture of the two leading steelmakers, is an integrated flat steel manufacturer with over 600 steel grades and serves multiple industries and key markets through its India, Indonesia, and Dubai business entities. With capacity expansion plans on a roll, the company recognised that its core business processes will require the necessary scalability and flexibility to support growth. Towards this, AM/NS India tapped into IBM Consulting's cloud-powered business transformation capabilities and expertise in the metals and mining industry prevalent in India. "IBM today announced that ArcelorMittal Nippon Steel India...has collaborated with IBM Consulting to reinvent mission-critical processes in order to boost agility, and efficiency with digital ...

AMNS Luxembourg signs $5 bn loan deal with Japanese banks for Indian ops

The loan proceeds would be used to finance the expansion of the plant at Hazira, Gujarat, from nine million tonnes (mt) to 15 mt

ArcelorMittal, JSW in NMDC steel plant race; JSPL also in the fray

Steel company shares to be listed on Monday

Steel firm AM/NS India's EBITDA drops 62.75% to $162 mn in Dec quarter

Joint venture firm says lower selling price and India's duty on steel exports last year impacted business

Odisha bags about Rs 8.9-trillion investment intent in two days

Tata Power CEO and MD Praveer Sinha announced a Rs 6,000 crore capital investment by the company in Odisha

RINL supplies 1,800 tonnes of structural steel for AMNS expansion project

Visakhapatnam-based RINL has supplied 1,800 tonnes of structural steel to AMNS India for its expansion project in Hazira, Gujarat. On October 28, the Gujarat-based steel maker AMNS India kicked off the Rs 60,000-crore expansion project to scale up the capacity of its steel plant to 15 million tonnes (MT) from about 9 MT at present. "#RINL Ahmedabad & @larsentoubro officials flagged off first consignment of structural steel (1800 tons) to ArcelorMittal Nippon Steel, Hazira for the expansion project," Rashtriya Ispat Nigam Limited (RINL) said in a Tweet. Structural steel is a type of steel used for making construction materials. Under the Ministry of Steel, RINL is among the top six steel producers in the country with an annual capacity of about 7.5 million tonnes. ArcelorMIttal Nippon Steel (AMNS) India is a joint venture (JV) company of Luxembourg-based ArcelorMittal and Nippon Steel of Japan. In 2019, the two companies completed the acquisition of the Essar Steel Limited plant .

AM/NS bulks up for the future, focuses on acquisitions to secure infra

Nearly Rs 90,000 crore worth of capital expenditure has been incurred so far on various asset acquisitions and projects, with a major investment of about Rs 42,000 crore

Our investment reflects confidence in India's economy: AM/NS India CEO

ArcelorMittal and Nippon Steel, has embarked on an expansion that includes increasing capacity at its existing location, Hazira in Gujarat, and setting up new plants in Odisha

EPTL, EPL conclude $2.05 bn transaction of port & power assets with AM/NS

In order to complete its asset monetisation drive to effectively become debt free, Essar Ports & Terminals Ltd (EPTL) and Essar Power Ltd (EPL) on Monday concluded the $2.05 billion (Rs 16,500 crore) sale of captive ports and power assets located in Hazira and Paradip to Arcelor Mittal Nippon Steel India Ltd (AM/NS).

AM/NS India completes Rs 16,500 cr acquisition of Essar group infra assets

The transaction, fully funded by AM/NS India, includes two port assets and a power plant which are now wholly-owned and operated by it

Essar concludes $2 bn sale of captive port, power infra assets to AM/NS

Ruia family-run Essar group on Monday said it has concluded the sale of captive ports and power assets located at Hazira in Gujarat and Paradip in Odisha to Arcelor Mittal Nippon Steel India Ltd (AM/NS) for USD 2.05 billion (about Rs 16,500 crore). With the sale, Essar has completed its asset monetisation programme to effectively become debt free. "Essar Ports & Terminals Ltd (EPTL) and Essar Power Ltd (EPL) today concluded the USD 2.05 billion sale of captive ports and power assets located in Hazira and Paradip to AM/NS," it said in a statement. The sale consisted of infra assets including a 270 MW power plant and 25 million tonnes per annum port at Hazira, Gujarat, and a 12 million tonnes a year port at Paradip, Odisha. Prashant Ruia, Director, Essar Capital, said, "Essar has concluded its asset monetisation programme and completed the debt repayment of USD 25 billion (Rs 2 lakh crore) effectively making the group debt-free from Indian banks and financial institutions". Essar ..

ArcelorMittal Sep-quarter net income falls over 78% to $993 million

Global steel giant ArcelorMittal on Thursday posted over a 78 per cent fall in its net income to USD 993 million for the September quarter, mainly due to low demand and higher energy costs. The company follows January-December fiscal year. "ArcelorMittal recorded a net income for 3Q 2022 of USD 993 million as compared to a net income for 2Q 2022 of USD 3,923 million, and a net income of USD 4,621 million for 3Q 2021. "Sales in July-September also fell 6 per cent to USD 19 billion, USD 20.2 billion in the year-ago period, impacted primarily due to lower steel shipments," the company said. Total steel shipments in the third quarter stood at 13.36 million tonnes (MT), lower from 14.6 MT a year ago, largely reflecting weaker demand in Europe. Its gross debt increased to USD 9 billion as of September 30, 2022. It was USD 8.2 billion as on September 30, 2021. ArcelorMittal Chief Executive Officer Aditya Mittal said the strong market conditions enjoyed for much of the past two years ...

AM/NS India EBITDA drops 62.98% to $204 million in September quarter

ArcelorMittal Nippon Steel India (AM/NS India), a joint venture between ArcelorMittal and Nippon Steel, reported a 62.98 per cent year-on-year drop (YoY) in EBITDA

AM Mining India completes acquisition of debt-ridden Uttam Galva Steels

AM Mining India Pvt Ltd, part of ArcelorMittal and Nippon Steel joint venture, completed the acquisition of Uttam Galva Steels Ltd, a downstream steel manufacturer in Maharashtra

5 dead after methane leak at ArcelorMittal coal mine in Kazakhstan

Five people died and four others were hospitalised after a methane gas leak at an ArcelorMittal coal mine in Kazakhstan

Exports necessary for steel players expanding capacities: AMNS India CEO

To maintain higher capacity utilisation, exports are necessary for local steel players expanding their capacities, as demand is not directly proportional to production, according to a top industry executive. "Since expansion happens... there will be a certain stage where you necessarily will have to export, if we have to be on high capacity utilisation," Dilip Oommen, CEO of ArcelorMittal Nippon Steel (AMNS) India told PTI. His comments assume significance as steel players are looking up to the government for relief in the form of roll back of the duties levied on steel exports. On May 21, the government hiked the duty on exports of iron ore by up to 50 per cent and for a few steel intermediaries to 15 per cent. In line with the government's 300 MT steel making capacity target, other steel players like Tata Steel, JSW Steel, SAIL and JSPL are also expanding their capacities to meet the goal. AMNS India on Friday commenced a Rs 60,000-crore expansion project to scale up its Hazira

ArcelorMittal looks to supply steel for proposed bullet train project

ArcelorMittal's arm AMNS India is eyeing to supply high strength special steel for the proposed bullet train project in India. AMNS India Chairman Aditya Mittal on Friday announced a Rs 60,000-crore expansion plan for his company's plant based in Hazira, Gujarat. As per the plan, the capacity of the plant will be scaled up to 15 million tonnes (MT) from 9 MT at present, he said. The company has been working hard on the expansion plan to ensure it captures the potential that is here in India. The expansion is in line with government initiatives like Atmanirbhar Bharat, Mittal said. He was addressing a gathering after performing the 'Bhoomi Pujan' to mark the beginning of the expansion project here. As the company grows, the plan is to expand specialty steel portfolio and focus on segments such as automotive, transportation and renewables, the chairman said. Prime Minister Narendra Modi and Japan's erstwhile prime minister Shinzo Abe had laid the foundation stone for the bullet tra