has a 60 per cent holding in the India joint venture with Nippon Steel
and follows a January-December fiscal year. The business (AMNS India) is already exceeding the level of Ebitda required to cover the cash needs of the operations (maintenance capex and cash interest) of $300 million annually, the firm said.
said its income from associates, JVs, and other investments for 1Q21 was $453 million, as compared to $7 million for 4Q20 and $142 million in 1Q20. The income was higher on account of improved results
from AMNS India and AMNS Calvert.
ArcelorMittal, on Thursday, reported a strong set of numbers on the back of a demand recovery and surging steel prices. The firm reported a net income of $2.3billion in 1Q21, as compared to net income of $1.2 billion and adjusted net income of $0.2 billion in 4Q20. Ebitda of $3.2billion in 1Q21 was 88 per cent higher than 4Q20 Ebitda of $1.7 billion; it was $1.0 billion in 1Q20. Steel shipments were 6.5 per cent higher sequentially.
Aditya Mittal, CEO, ArcelorMittal, said, “The first quarter has been our strongest in a decade. While this is a welcome development after a challenging 2020, we are mindful that Covid continues to be a challenge, especially in developing economies. Nowhere is this more obvious than in India, where we have our AM/NS India JV with Nippon Steel.
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.