ArcelorMittal Reports Net Income of US $ 4,621 Million in September Quarter; EBITDA of JV AMNS India at- The New Indian Express


Through PTI

NEW DELHI / LONDON: Global steel giant ArcelorMittal on Thursday reported net profit of $ 4,621 million (roughly Rs.34,430 crore) for the third quarter ended September 30, 2021, thanks to “a pricing environment always high ”.

The company follows the January-December fiscal year. “ArcelorMittal recorded a net profit for Q3 2021 of $ 4,621 million compared to a net profit of $ 4,005 million for Q2 2021, and a net loss of $ 261 million for Q3 2020,” said said the Luxembourg company in a press release.

Sales in July-September amounted to $ 20.2 billion. During the period last year, sales were $ 13.3 billion, the company said. Total steel shipments in the third quarter were 14.6 million tonnes (MT), down from 17.5 MT for the same period in 2020.

Shipments were lower due to weaker demand (especially automotive) as well as production constraints and delays in shipping orders which are expected to reverse in the last quarter.

Gross debt fell $ 1 billion to $ 8.2 billion as of September 30, 2021. Aditya Mittal, CEO of ArcelorMittal, said third quarter results were supported by a continued strong pricing environment, resulting in the highest net income and lowest net debt. since 2008.

“Despite the volatility we continue to see due to the continued presence and impact of COVID-19, this has been a very strong year for ArcelorMittal. a low-carbon economy, we develop strategically through high-quality, high-yield projects and we return capital to shareholders.

We are aware of the challenges but excited about the opportunities that will exist for steel in the years to come and beyond, ”he said.

The outlook remains positive, underlying demand should continue to improve; and, although slightly outside recent highs, steel prices remain at high levels, which will be reflected in annual contracts for 2022, the CEO said.

Sharing details of its JV company in India, ArcelorMittal said that AMNS India recorded earnings before interest, taxes, depreciation and amortization (EBITDA) of $ 551 million in the quarter under review compared to $ 176 million ago. is one year old.

The joint venture with Nippon Steel produced 1.9 MT of steel compared to 1.8 MT in the quarter of the previous year. “In India, our joint venture with Nippon Steel continued to perform well despite headwinds due to rising energy prices and the pandemic. Steel production at Hazira increased further in the third quarter and the JV is progressing well with its expansion and vertical integration plans.

“As the pandemic continues to introduce above-normal levels of volatility across the world, our confidence in India’s domestic steel industry and long-term economic growth prospects remain intact,” Mittal said.

AMNS India is a 60/40 joint venture between the Luxembourg company ArcelorMittal and the Japanese company Nippon Steel.

In 2019, the two foreign entities completed the acquisition of the Essar Steel Ltd plant located in Hazira, Gujarat, and later renamed it ArcelorMittal Nippon Steel (AMNS) India.


Comments are closed.