India’s ArcelorMittal Nippon Steel Limited (AMNS) reported operating profits of $607 million during April-June quarter of fiscal 2021-22, up from $107 million during corresponding period of previous year, according to company statement on Friday, July 30.
The company said that its crude steel production during the quarter remained stable at 1.8 million mt.
On operations, the company said that it is nearing completion of doubling its iron ore pellet plant capacity in Odisha to 12 million mt per year and the expanded capacity was expected to go into production in the third quarter of 2021. This will take AMNS’ captive pellet capacity in the country to 20 million mt per year.
Its captive iron ore mine of Sagasahi in Odisha is also due to come into production by September 2021, the company statement said.
In December 2019, the company completed acquisition of debt stressed Essar Steel Limited through the bankruptcy resolution process in collaboration with Nippon Steel, Japan.