India’s ArcelorMittal Nippon Steel Limited (AMNS) has reported an operational profit of $341 million, in the first quarter (January-March) of the fiscal year 2023, a decline of 27.44 percent year on year, the company’s parent company ArcelorMittal Limited said in a statement on Tuesday, May 9.
AMNS Limited follows a January-December fiscal year.
“Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) during January-March of 2023 of $341 million was higher as compared to $162 million in the fourth quarter (October-December) of 2022, due to higher steel shipments, higher average steel selling prices and lower costs (including energy costs). However, it was lower as compared to $470 million in January-March of 2022, due to lower prices offset in part by higher steel shipments,” the statement said.
ArcelorMittal in a joint venture with Nippon Steel of Japan owns and operates a steel plant with a capacity of about 9 million mt in Gujarat.
Its crude steel production during the first quarter of 2023 was 1.8 million mt, up two percent, and its total steel shipments came to 1.8 million mt, marginally up from 1.7 million mt in the corresponding quarter of the previous quarter, the company said.