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AMNS India's crude steel production increased

AMNS India (Arcelor Mittal Nippon Steel) achieved an impressive 161% increase in EBITDA in the July-September quarter, reaching $533 million compared to $204 million in the previous year.

AMNS India's crude steel production increased

This significant growth can be attributed to higher steel shipments and reduced costs, including gains from unblocking natural gas. However, compared to the previous quarter (Q2CY23), EBITDA decreased by 5.3% from $563 million to $533 million. This decrease is partially attributable to a lower average steel selling price offset by increased steel shipments and lower costs.

In the third quarter of 2023 (3QCY23), crude steel production increased by 8.4%, reaching 1.9 million tonnes compared to 1.8 million tonnes in the second quarter of 2023 (2QCY23). Additionally, there is a growth of 16.8% compared to the same period in the previous year, 3QCY22, which was affected by planned maintenance.

Steel shipments in 3QCY23 also increased by 11.6% to 1.9 million tonnes compared to 1.7 million tonnes in 2QCY23 and a significant increase of 14.7% compared to 3QCY22.

ArcelorMittal reported a 12.4% decline in sales in 3CY23, totaling $16.6 billion, compared to the same period in CY22.

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