Gujarat,
India-based steelmaker
Essar Steel has announced that its flat steel
production increased by 48 percent year on year to 1.22 million mt in the first quarter of the financial year 2016-17. In the given quarter,
Essar Steel's crude steel
production rose by 52 percent to 1.23 million mt, while its pellet output increased by 58 percent to 2.02 million mt, both year on year.
The company stated that, with the ramp-up in
production volumes since March this year, there has been a significant growth in the company's EBITDA margin and a marked improvement in its debt-equity ratio. The EBITDA margin increased from five percent to around 20 percent in the first quarter. According to
Essar Steel, following the introduction of the MIP (minimum import price) by the government of
India, Chinese imports of steel at predatory prices have been contained, leading to improved sales in the Indian market.