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ArcelorMittal Nippon Steel India initiates feasibility study for 12-MTPA steel project in Odisha
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Last Updated: May 09, 2021, 02:23 PM IST
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Synopsis
In March 2021, the Gujarat-based ArcelorMittal Nippon Steel India (AM/NS India) had signed a memorandum of understanding (MoU) with the Odisha government for setting the greenfield project in Kendrapara with an investment of Rs 50,000 crore.
PTI
ArcelorMittal Nippon Steel India along with the Odisha government has initiated a feasibility study for its proposed 12 million tonne per annum (MTPA) integrated steel plant in Kendrapara district of the state.
In March 2021, the Gujarat-based ArcelorMittal Nippon Steel India (AM/NS India) had signed a memorandum of understanding (MoU) with the Odisha government for setting the greenfield project in Kendrapara with an investment of Rs 50,000 crore.
ArcelorMittal Nippon Steel India (AMNS India) has recorded a 47 per cent higher EBITDA quarter-on-quarter and 188 per cent year-on-year to $403 million for the quarter ended March 31, 2021. Announcing the earnings, which were the best in a decade for ArcelorMittal, the company said that in the Q1 of Calendar 2021, AMNS India achieved solid production, annualising at 7.3 million tonnes (MT). The company achieved $403 million EBITDA (with a FY21 run rate of $1.6 billion) with a greater focus on export markets.
ArcelorMittal has a 60 per cent holding in the India joint venture with Nippon Steel and follows a January to December fiscal year. The business (AMNS India) is already exceeding the level of EBITDA required to cover the cash needs of the business (maintenance capex and cash interest) of approximately $300 million annually, the company said.
ArcelorMittal Nippon Ebitda doubles to $403 m
May 06, 2021
Globally, ArcelorMittal reported 92% increase in net income at $2.3 billion in Q1
ArcelorMittal Nippon Steel India has reported that its Ebitda nearly doubled to $403 million in the quarter ended March.
Announcing the earnings for the first quarter of this year, ArcelorMittal said the India operations achieved an annualised production of 7.3 million tonnes and achieved $403 million Ebitda with a run rate of $1.6 billion in FY21 due to a greater focus on export markets.
ArcelorMittal has a 60 per cent stake in the India joint venture with Japanese giant Nippon Steel.
The business (AMNS India) is already exceeding the level of EBITDA required to cover the cash needs of the business of about $300 million annually, said the company.