AM/NS India Q3 earnings: increased steel shipments cause EBITDA to rise 208% to $499 million.

Due in large part to increased steel exports, ArcelorMittal Nippon Steel India (AM/NS India) announced a 208% increase in earnings before interest, tax, depreciation, and amortisation (Ebitda) at $499 million for the October–December quarter. EBITDA was $162 million over the same time last year.
Ebitda decreased sequentially by 6.4% from $533 million in the prior quarter, which also saw a lesser benefit from natural gas hedges.
AM/NS In December 2023, India produced a record amount of crude steel at a run rate of 8.1 million metric tons (mt), coming very near to the 8.6 mt capacity debottlenecking goal.

The October–December quarter had 1.96 mt of crude steel output, which was 21% more than 1.62 mt during the same period last year. Steel shipments, at 1.87 mt, were 17.6% more than 1.59 mt during that same period last year.

Commenting, Aditya Mittal, chief executive officer, ArcelorMittal, said, “Despite the operating environment becoming increasingly challenging as the year progressed, our profitability per tonne is healthy and well above long-term averages. This highlights the enhanced sustainability we have built into the business, enabling us to generate healthy cash flow to invest for future growth and return attractive levels of capital to our shareholders.”