Posted on 11 Feb 2022
Steel manufacturer ArcelorMittal Nippon Steel (AM/NS) India's output and sales dropped during the October-December quarter on sluggish demand.
The company's October-December crude steel production fell by 2.2pc from a year earlier to 1.85mn t, while steel shipments dropped by 2.7pc to 1.73mn t.
Domestic steel consumption slowed in November and December because of high prices, a construction ban in north India and heavy rainfall in the south of the country.
AM/NS's 2021 crude steel production rose by 12pc from a year earlier to 7.4mn t, while shipments increased by 10.4pc to 6.9mn t.
AM/NS India achieved record production and shipments in 2021, despite the burden of higher energy and commodity prices, AM/NS India's chairman Aditya Mittal said.
"We are getting more out of our existing operations at Hazira through debottlenecking and are on track to achieve 8.8mn t capacity by the end of next year. And we are creating new capacity to support India's growth," Mittal added.
The steel producer is waiting for environmental approvals to expand Hazira in Gujarat state to 14.4mn t/yr. It received approval from the Odisha government in December to set up a 24mn t/yr integrated steel plant in the state.
Source:Argus Media
