Steel firm AM/NS India's EBITDA drops 62.75% to $162 mn in Dec quarter

Joint venture firm says lower selling price and India's duty on steel exports last year impacted business

ArcelorMittal Nippon Steel India (AM/NS India) reported a 62.75 per cent year-on-year (YoY) drop in EBITDA at $162 million in the December quarter due to lower shipments and selling prices. In the year-ago period, EBITDA was at $435 million for the joint venture between ArcelorMittal and Nippon Steel.

Sequentially, EBITDA (earnings before interest, taxes, depreciation and amortization) at $204 million was lower by 20.58 per cent. Crude steel production and shipments in the quarter were lower on YoY and quarter-on-quarter (QoQ).

Crude steel production in the quarter stood at 1.6 million tonnes, down by 2.3 per cent over the previous