AMNS India has reported a 161 per cent rise in EBIDTA in the July-September quarter at $533 million compared with $204 million a year ago, backed by a record shipment.

The company, formerly Essar Steel, attributed this stellar performance to higher steel shipments and lower costs, including the gain from the unwinding of a natural gas hedge.

The earnings before interest, depreciation, tax and amortisation (EBIDTA), however, dipped 5.3 per cent on a sequential basis from $563 million in Q2CY23. A lower average steel selling price was offset in part by higher steel shipments and lower costs.

Crude steel production in 3QCY23 increased 8.4 per cent to 1.9 million tonnes compared with 1.8 mt in 2QCY23 and 16.8 per cent higher compared with 1.7mt in 3QCY22 (which had been impacted by planned maintenance).

Steel shipments in 3QCY23 were 11.6 per cent higher at 1.9mt compared with 1.7mtin 2QCY23 and 14.7 per cent higher compared with 1.6mt in 3QCY22.

The company also updated about the ongoing expansion at the Hazira plant and its decarbonisation roadmap. The expansion to 15mt annual capacity from 8.6mt at present is expected by 2026. It expects India steel demand to reach 200mt by 2032 from 110mt in 2022. It also sees opportunities in Odisha’s Paradip/ Kendrapara for a greenfield unit.

AMNS also informed that ArcelorMittal’s renewable energy project (975MW nominal capacity) is progressing and is on track for completion in the first half of 2024. Installation has started with 10 per cent of solar panels installed, 10 windmills have been erected and transmission lines are being rolled out with 50 per cent of the towers in place.

Once complete, the project is expected to provide over 20 per cent of AMNS India’s electricity requirements at Hazira plant, reducing carbon emissions by 1.5 MT per year.

Global performance

ArcelorMittal reported a 12.4 per cent dip in sales to $16.6 billion in Q3CY23 compared with the same period of CY22.

EBIDTA stood at $1.9 billion, down 30 per cent from $2.6 billion in Q3CY22. Net income marginally dropped to $0.92 billion from $0.99 billion in Q3CY22.

The company also addressed the mine disaster in Kazakhstan which claimed 46 lives. “The only course of action is to ensure that we take a hard look inside our group, identify the gaps that exist and strengthen our safety actions, processes and culture to ensure that we prevent all serious accidents,” Aditya Mittal, CEO of ArcelorMittal, said.

Adani Ports profit

Adani Ports and SEZ has reported a 1.37 per cent rise in consolidated net profit at Rs 1,761.63 crore for the September quarter against Rs 1,737.81 crore in the year-ago period.